Nigeria's offshore petroleum industry is on course for significant expansion, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) projecting that 22 major offshore projects scheduled between 2026 and 2030 could attract between $30 billion and $50 billion in investment.
According to the commission, the projects are expected to increase oil and gas production, create jobs, expand critical infrastructure, strengthen energy security and reinforce Nigeria's position as a leading destination for upstream investment.
The projection was presented at the Society of Petroleum Engineers' Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos by Oritsemeyiwa Eyesan, Chief Executive Officer of the NUPRC, who was represented by Enorense Amadasu, the commission's Executive Commissioner for Development and Production.
Eyesan disclosed that since 2024, the NUPRC has approved more than $57 billion in Field Development Plans (FDPs), with several of those approvals already progressing into Final Investment Decisions (FIDs).
She explained that the commission is not only developing Nigeria's proven oil and gas reserves but also maintaining a strong pipeline of exploration opportunities to support long-term production growth and national energy security.
The country's licensing programme has become a key part of that strategy. Since 2022, successive licensing rounds have opened access to some of Nigeria's most prospective oil and gas acreages.
During the 2025 Licensing Round, 31 companies emerged as successful bidders for 37 oil and gas blocks after completing what the commission described as a robust, data-driven and technology-enabled evaluation process.
With preparations already underway for the 2026 Licensing Round, Eyesan said Nigeria is demonstrating that investment certainty is becoming a lasting feature of its regulatory framework.
The NUPRC also acknowledged that infrastructure gaps continue to limit Africa's energy potential. To address this, Nigeria is expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities, open access, third-party access and field tie-backs to reduce costs, accelerate project delivery, maximise existing infrastructure and bring stranded oil and gas resources into production.
Beyond infrastructure, Eyesan said stronger collaboration among the government, security agencies, industry operators, host communities, private partners and Host Community Development Trusts has improved the protection of critical energy assets, further strengthening Nigeria's upstream sector.
Recent developments underline the scale of activity across the industry. In November 2025, the NUPRC announced that the Federal Government had approved oil field development plans worth about $20 billion between January and October 2025.
A month earlier, Shell Nigeria Exploration and Production Company (SNEPCo) Limited confirmed a $2 billion Final Investment Decision for the HI offshore gas project in Nigeria.
On March 11, the Federal Government also approved a targeted fiscal incentive designed to fast-track Shell's $20 billion Final Investment Decision for its deepwater project.
Together, these developments highlight continued activity across Nigeria's upstream petroleum industry as new offshore projects, regulatory reforms and infrastructure expansion create opportunities for increased investment, employment, energy security and long-term economic growth.
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