Nigeria expects to attract between US$30 billion and US$50 billion in offshore oil and gas investment by 2030 as 22 major deepwater projects move toward production, Business Insider Africa reported on August 6.
The investment push comes as Africa’s largest crude producer seeks to revive an industry that has faced growing competition for capital from emerging and expanding offshore producers, including Guyana, Namibia and Brazil.
Business Insider Africa reported that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) expects the 22 offshore developments between 2026 and 2030 to increase crude production, create jobs and support new infrastructure.
The regulator said more than US$57 billion worth of field development plans have been approved since 2024, with several projects progressing toward final investment decisions.
Nigeria has struggled in recent years with declining oil production, delayed project approvals, oil theft, ageing infrastructure and policy uncertainty. Several international oil companies have also reduced their exposure to the country’s onshore sector while directing investment toward offshore opportunities.
Nigeria has introduced reforms aimed at reversing that trend. Its Petroleum Industry Act sought to improve fiscal terms, licensing transparency and regulatory certainty.
The government is also preparing another licensing round after awarding 37 oil and gas blocks to 31 companies during its 2025 exercise.
Competition for upstream investment has intensified as new offshore provinces attract billions of dollars in development spending.
Guyana has emerged as one of the fastest-growing oil producers following a series of major discoveries in the Stabroek Block. Oil production began in 2019, and ExxonMobil and its co-venturers have since sanctioned several multibillion-dollar developments as they expand output.
Namibia has also attracted significant international attention following major discoveries in the Orange Basin, adding another emerging offshore province competing for exploration and development capital.
Nigeria is aiming to increase crude production to 2 million barrels per day (b/d) by 2027 and 3 million b/d by 2030, with the 22 offshore developments expected to contribute to that growth. Crude and condensate production was 1.71 million b/d in June, the highest in over six years, according to Reuters.
