Nigeria Eyes $50 Billion From 22 Offshore Oil and Gas Projects
The approvals are expected to boost production, create jobs and strengthen energy security, while 22 offshore projects could draw $30 billion to $50 billion.
- On Wednesday, Nigerian Upstream Petroleum Regulatory Commission Chief Executive Oritsemeyiwa Eyesan announced the agency has approved over $57 billion in Field Development Plans since 2024, targeting infrastructure expansion and energy production growth.
- The NUPRC expects 22 major offshore projects to launch between 2026 and 2030, with estimated investment potential between $30 billion and $50 billion supporting Nigeria's production expansion.
- Nigeria aims to reach three million barrels per day by 2030, with momentum from the 2025 licensing round where 31 companies won 37 oil and gas blocks; preparations for a 2026 round are underway.
- August production is running at 1.78 million barrels daily, following June's 1.735 million barrels, which the commission attributed to stable operations and the absence of major pipeline outages.
- Oil and gas account for 80% of Nigeria's foreign currency earnings and 66% of budget revenues, with officials focused on producing "efficient barrels" that deliver stakeholder value across the sector.
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Nigeria: NUPRC Approved Over $57 Billion in Oil, Gas Development Plans Since 2024--Official
Nigeria's upstream petroleum regulator says it has approved more than $57 billion worth of Field Development Plans since 2024, as the country prepares for 22 major offshore projects estimated to attract between $30 billion and $50 billion in investments from 2026 to 2030.
Nigeria Eyes $50 Billion From 22 Offshore Oil and Gas Projects
Nigeria expects to attract investments worth between $30 billion and $50 billion from 22 offshore oil and gas projects over the nest five years, the country’s Upstream Petroleum Regulatory Commission has said. “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,” the regulator’s chief executive Ori…
NUPRC approved over $57 billion in oil, gas development plans since 2024—Official
Nigeria’s upstream petroleum regulator says it has approved more than $57 billion worth of Field Development Plans since 2024, as the country prepares for 22 major offshore projects estimated to attract between $30 billion and $50 billion in investments from 2026 to 2030. The post NUPRC approved over $57 billion in oil, gas development plans since 2024—Official appeared first on Premium Times Nigeria.
NUPRC targets $30bn investments from 22 offshore projects
According to her, successive licensing rounds conducted since 2022 have opened access to some of Nigeria's most prospective oil and gas acreages, improving investor confidence in the sector. The post NUPRC targets $30bn investments from 22 offshore projects appeared first on Vanguard News.
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