Nigeria Targets $30B-$50B from Offshore Oil Projects
Nigeria is poised to attract significant investments in its offshore oil and gas projects, with the country's Upstream Petroleum Regulatory Commission expecting between $30 billion and $50 billion over the next five years. The commission has approved over $57 billion in Field Development Plans since 2024, some of which have translated into Final Investment Decisions.
The regulator's chief executive, Oritsemeyiwa Eyesan, noted that 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 country has already seen an increase in crude oil production, pumping 1.56 million barrels per day in June, the largest average monthly production volume since April 2020.
Total Nigerian crude oil and condensate production rose to 1.735 million bpd in June, with stable production operations across most producing assets and no major pipeline outages contributing to the improved performance. The commission expects crude oil and condensate production to rise to 2 million barrels daily 'in the near term.'