Nigeria Targets $50 Billion Offshore Oil Investment by 2030

Nigeria's upstream oil regulator has announced ambitious plans to boost oil and gas output by targeting up to $50 billion of offshore investment by 2030. The National Upstream Petroleum Regulatory Commission (NUPRC) expects at least 22 offshore projects to start production within this timeframe, which will increase Nigeria's attractiveness to upstream investors.

The NUPRC has cleared over $57 billion in field development plans since 2024, paving the way for several projects to move to final investment decisions. Reforms, licensing rounds, infrastructure upgrades, and improved security have contributed to an attractive operating environment, drawing new capital into the sector.

Nigeria aims to nearly double its oil production to 3 million barrels per day by 2030. To achieve this goal, the country has opened new oil and gas acreage through licensing rounds, awarding 37 blocks to 31 companies in the 2025 round, with plans for the 2026 round being finalized.