Nigeria Aims for $50 Billion in Offshore Oil Investments
Nigeria's Upstream Petroleum Regulatory Commission expects to attract investments worth between $30 billion and $50 billion from 22 offshore oil and gas projects over the next five years. According to Oritsemeyiwa Eyesan, the regulator's chief executive, these investments will not only increase production but also create jobs, expand infrastructure, strengthen energy security, and reinforce Nigeria's position as a leading global upstream investment destination.
The commission has already approved over $57 billion in Field Development Plans since 2024, some of which have translated into Final Investment Decisions. This comes as Nigeria pumped 1.56 million barrels per day of crude oil in June, the largest average monthly production volume since April 2020. The country's total crude oil and condensate production rose for the fourth consecutive month to 1.735 million bpd in June, driven by stable production operations and the absence of major pipeline outages.
Nigeria sources 66% of its budget revenues from the oil and gas industry, which also accounts for as much as 80% of the country's foreign currency earnings. The regulator expects crude oil and condensate production to rise to 2 million barrels daily 'in the near term.'