Nigeria Approves $57 Billion in Offshore Oil Projects Amid Output Targets

Nigeria's upstream regulator has approved over $57 billion in field development plans since 2024, clearing the way for at least 22 offshore oil and gas projects to begin production by 2030.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) granted these approvals to allow several projects to progress toward final investment decisions, expanding Nigeria's upstream infrastructure and lifting overall oil and gas production volumes.

The planned developments could unlock up to $50 billion in fresh investment as Abuja works to raise crude production to 3 million barrels per day by 2030, a target that would represent a near-doubling of current output levels.

The country has awarded 37 oil and gas blocks to 31 companies during its 2025 licensing round, with preparations for a further licensing round in 2026 already underway. This signals continued momentum in Nigeria's upstream opening.