The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) expects 22 major offshore projects to move forward between 2026 and 2030, unlocking an estimated $30 billion to $50 billion in foreign direct investment.
Speaking at the Society of Petroleum Engineers’ NAICE 2026 conference in Lagos, NUPRC Chief Executive Oritsemeyiwa Eyesan highlighted that the offshore expansion forms the cornerstone of Nigeria’s strategic push to raise domestic crude oil production to 3 million barrels per day (bpd) and rebuild national proven reserves to 40 billion barrels by the decade’s end.
Momentum has accelerated following regulatory cleared Field Development Plans (FDPs) valued at over $57 billion since 2024, several of which have already progressed to Final Investment Decisions (FIDs).
Key Deepwater Assets & IOC Re-engagement
The expected capital wave marks a shift toward deepwater developments as International Oil Companies (IOCs) rebalance their Nigerian portfolios away from onshore assets prone to vandalism and crude theft.
Major developments anchoring the $30bn–$50bn pipeline include:
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ExxonMobil: $1 billion committed to the Usan Infill Project (OML 138), adding an estimated 40,000 bpd.
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Shell (SNEPCo): Advancing the Bonga North deepwater development, alongside long-term offshore projects like Bonga Southwest-Aparo.
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Deepwater Tiebacks: Fast-tracked approvals for satellite developments including TotalEnergies’ Preowei project.
Regulatory Reforms & Licensing Momentum
The capital momentum follows fiscal incentives and expedited permitting frameworks established under the Petroleum Industry Act (PIA) and presidential executive orders:
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Transparent Acreage Licensing: The 2025 Licensing Round saw 31 companies successfully secure awards for 37 prospective oil and gas blocks. Preparations are underway for the upcoming 2026 Licensing Round.
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Shared Infrastructure: The NUPRC is prioritizing open-access gas gathering systems, processing hubs, and field tiebacks to reduce offshore development costs and commercialize stranded deepwater gas reserves.
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