NUPRC forecasts $30-50B offshore oil investments 2026-2030 for 22 major projects
Nigeria's upstream oil and gas sector could attract $30-50 billion in fresh offshore investments between 2026 and 2030 through 22 major projects, NUPRC announced Wednesday at SPE Nigeria Annual International Conference 2026. The investments aim to boost crude production, create thousands of jobs, expand critical infrastructure and strengthen national energy security.
This builds on NUPRC's approval of over $57 billion in Field Development Plans since 2024, some already reaching Final Investment Decisions. The 2025 Licensing Round saw 31 companies win 37 oil/gas blocks, with preparations underway for the 2026 round. Nigeria's proven reserves stand at 37.01 billion barrels crude oil/condensate and 215.19 trillion cubic feet natural gas as of January 1, 2026.
NNPC plans to grow gas reserves from 210 to 600 trillion cubic feet, targeting $60 billion in gas sector investments and 10 billion cubic feet daily gas production via its Gas Master Plan 2026. These developments come despite global energy transition concerns, with NUPRC citing licensing reforms since 2022 as key to renewed investor confidence through transparent, technology-driven processes.
With Africa's largest population and growing energy demands, will these investments translate to lower energy costs for households, more local jobs in the oil sector, or faster industrialization through reliable gas supply for manufacturing and power generation?