$50 Billion Boom Expected for Nigeria's Offshore Oil and Gas Sector
Nigeria's offshore oil and gas sector is poised for a significant investment boom, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The regulator's chief executive, Oritsemeyiwa Eyesan, said that new incentives could attract $50 billion in investments.
The NUPRC aims to boost Nigeria's oil production to 3 million barrels per day by 2030. However, the country needs to upskill and increase its workforce, including in digital industries, to take advantage of offshore opportunities.
Nigeria has shown sustained growth in crude output so far this year, with total oil output rising from 1.48 million bpd in February to 1.735 million bpd in June, according to the NUPRC. The country met and exceeded its OPEC+ quota of 1.5 million bpd for the third consecutive month in July.