Nigeria targets up to $50bn from 22 offshore oil and gas projects

Nigeria could attract $30bn-$50bn from 22 offshore oil and gas projects planned for 2026-30, NUPRC Commission Chief Executive Oritsemeyiwa Eyesan said.

Eyesan, represented at the Society of Petroleum Engineers Nigeria Annual International Conference and Exhibition in Lagos by NUPRC Executive Commissioner for Development and Production Enorense Amadasu, said the projects could create thousands of jobs and expand energy infrastructure.

She also said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had approved more than $57bn worth of Field Development Plans since 2024, with several projects taking final investment decisions.

Recent commitments include a $1bn investment by ExxonMobil (NYSE:XOM) and its partners in the offshore Usan Infill Project, which NUPRC expects to add about 40,000 barrels per day (bpd). The project also marks the resumption of drilling by ExxonMobil affiliate Esso Exploration and Production Nigeria after its previous drilling operation in 2016.

Nigeria's crude output averaged 1.56mn bpd in June, the highest monthly level since April 2020 and equivalent to 104% of the country's 1.5mn-bpd OPEC quota. Including condensates, production reached 1.735mn bpd, rising for a fourth consecutive month from 1.70mn bpd in May.

NUPRC attributed the increase primarily to stable operations, the absence of major pipeline outages and improved production uptime. Combined crude and condensate output peaked at 1.89mn bpd during June, which the regulator said showed Nigeria could approach 2mn bpd in the near term.

Eyesan said 31 companies had emerged as winners of 37 oil and gas blocks in the 2025 licensing round. NUPRC has said the 2026 licensing round will launch by the end of the third quarter.