Nigeria’s upstream oil and gas sector is expected to attract between $30bn and $50bn in new offshore investments over the next five years as the Federal Government intensifies efforts to unlock additional production capacity through 22 major offshore projects, the Nigerian Upstream Petroleum Regulatory Commission has said.

According to the commission, the investments, projected between 2026 and 2030, are expected to boost crude oil production, generate thousands of jobs, expand critical oil and gas infrastructure, and strengthen Nigeria’s energy security.

The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, disclosed this in a keynote address delivered on her behalf by the Executive Commissioner for Development and Production, Enorense Amadasu, at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition 2026 on Wednesday.

The disclosure was contained in a statement issued by the commission’s Head of Media and Corporate Communications, Eniola Akinkuotu.

“The Nigerian Upstream Petroleum Regulatory Commission says 22 major offshore projects are expected between 2026 and 2030, with an estimated investment potential of between $30bn and $50bn,” the statement read.

According to the commission, the expanding pipeline of offshore projects reflects growing investor confidence in Nigeria, driven by reforms introduced under the Petroleum Industry Act and the regulator’s efforts to make licensing and project approvals more transparent.

Eyesan said the commission has approved more than $57bn worth of Field Development Plans since 2024, with several of the projects already advancing to Final Investment Decisions.

She said, “Since 2024, the NUPRC has approved over US$57bn in Field Development Plans, some of which have translated to Final Investment Decisions. Twenty-two major offshore projects are expected between 2026 and 2030, with an estimated investment potential of $30bn to $50bn.

“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination.”

The commission said the robust pipeline of offshore projects underscores Nigeria’s position as one of Africa’s most attractive destinations for upstream oil and gas investment, despite increasing global concerns over the energy transition.

Eyesan attributed the renewed investor confidence to reforms introduced in Nigeria’s licensing process since 2022.

According to her, the reforms have enabled successive licensing rounds to open up some of the country’s most prospective oil and gas acreages through transparent, competitive and technology-driven processes.

She recalled that during the 2025 Licensing Round, 31 companies emerged as successful bidders for 37 oil and gas blocks after completing a rigorous evaluation process.