Lagos, Aug. 6, 2026 – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it projects to earn between $30 billion and $50 billion from 22 major offshore projects over the next five years.
Oritsemeyiwa Eyesan, the Chief Executive of the NUPRC, disclosed this in Lagos on Wednesday while giving a keynote address at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition 2026.
She said the anticipated investments, expected between, would not only increase crude oil production but also create thousands of jobs, expand critical infrastructure and strengthen Nigeria’s energy security.
Eyesan, who was represented by Enorense Amadasu, the Executive Commissioner for Development and Production, said the growing pipeline of offshore projects reflected improving investor confidence in Nigeria following reforms introduced under the Petroleum Industry Act and the commission’s drive to make licensing and project approvals more transparent.
“Since 2024, the NUPRC has approved over US$57 billion in Field Development Plans (FDPs); some of which have translated to Final Investment Decisions (FIDs). Twenty-two (22) major offshore projects are expected between 2026 and 2030 with an estimated investment potential of $30–50 billion.
“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination.”
Besides developing its proven reserves, Eyesan said Nigeria is building a resilient energy future by maintaining a strong pipeline of exploration opportunities that will sustain long-term growth and energy security.
According to her, since 2022, successive licensing rounds have opened access to some of Nigeria’s most prospective oil and gas acreages.
She said the recent 2025 Licensing Round where 31 companies emerged successful bidders for 37 oil and gas blocks after progressing through a robust, data-driven and technology enabled evaluation process.
She said the 2026 Licensing Round which is set to commence soon is showing greater promise thanks to the transparency that has characterised licensing rounds.
“With preparations already underway for the 2026 Licensing Round, Nigeria is demonstrating that investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework,” the NUPRC boss stated.
Eyesan, however, said infrastructure deficit had continued to undermine Africa’s promising potential.
She said Nigeria was already addressing this challenge through a series of strategies.
“We are expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities, open access, third party access and field tiebacks to reduce costs, speed up project delivery, maximise the use of existing infrastructure and help bring stranded oil and gas resources into production,”Eyesan said.
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