NUPRC approves $57B in oil projects since 2024, targets 3M bpd output by 2030
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) approved over $57 billion in Field Development Plans since 2024 for 22 major offshore projects expected between 2026 and 2030, with $30-50 billion investment potential. Speaking at NAICE 2026 in Lagos, NUPRC CEO Oritsemeyiwa Eyesan said these projects will boost production, create jobs, expand infrastructure and strengthen energy security.
The approved FDPs include projects that have reached Final Investment Decisions. Separately, Nigeria's 2025 Licensing Round awarded 37 oil and gas blocks to 31 companies, including frontier basins like Benue Trough and Chad Basin. These assets could add 500 million barrels to Nigeria's current 37.01 billion barrel reserves and unlock 300,000 barrels of daily oil production within three years.
The NUPRC is expanding gas gathering systems, processing facilities and pipelines while promoting shared infrastructure to reduce costs. Security collaboration with agencies and communities has also strengthened protection of energy assets. With preparations underway for the 2026 Licensing Round, the commission emphasizes Nigeria's goal of three million barrels per day output by 2030 through "efficient barrels" that benefit all stakeholders.
Will these offshore projects and licensing rounds deliver the promised production boost and energy security, or will infrastructure and security challenges continue to hinder Nigeria's oil sector growth?