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Nigeria targets up to $50 billion for offshore oil and gas projects
The Upstream Petroleum Regulatory Commission said the 22 offshore projects are expected to run over the next five years, with Nigeria producing 1.56 million barrels per day of crude in June.
Nigeria is looking to attract $30 billion to $50 billion in investment for 22 offshore oil and gas projects over the next five years, the country’s Upstream Petroleum Regulatory Commission said, according to OilPrice.
The regulator framed the expected spending as a way to boost production, create jobs, expand infrastructure, strengthen energy security, and reinforce Nigeria’s position as an upstream investment destination, OilPrice reported, citing the commission’s chief executive Oritsemeyiwa Eyesan.
OilPrice also noted that the NUPRC said it approved more than $57 billion in field development plans since 2024, some of which have progressed to final investment decisions.
Nigeria pumped 1.56 million barrels per day of crude oil in June, the highest average monthly production volume since April 2020, and Total crude oil and condensate production rose for a fourth consecutive month to 1.735 million bpd, the commission said.
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