The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says more than $57 billion in Field Development Plans (FDPs) have been approved since 2024, while 22 major offshore projects expected between 2026 and 2030 could attract an estimated $30 billion to $50 billion in investment.
The NUPRC Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, disclosed this at the 2026 Annual Conference of the Association of Energy Correspondents, Abuja (AECAF), themed, “Sustaining Oil and Gas Investment in Nigeria Amid Energy Transition.”
Eyesan, who was represented by the Director of Surface Development at the Commission, Joseph Ogunsola, said the figures highlighted the need to move beyond investment commitments to actual project execution and increased production.
She said Nigeria averaged about 1.68 million barrels per day of crude oil and condensate in August 2026, with crude production meeting the country’s OPEC quota for the fourth consecutive month.
According to her, the development provided a stronger foundation for Nigeria’s ambition of raising production to two million barrels per day in the near term and three million barrels per day by 2030.
Eyesan said achieving the targets would require bringing viable shut-in production back onstream, reducing production losses and ensuring operators implement credible work programmes.
She stressed that the NUPRC was focused on removing bottlenecks, improving regulatory predictability and holding operators accountable for their commitments.
The NUPRC boss said investors required clarity on regulations and timelines before committing long-term capital, adding that speed and certainty remained critical to sustaining investment in Nigeria’s oil and gas sector.
She also said the Commission’s Upstream Oil and Gas Decarbonisation and Sustainability Blueprint would integrate decarbonisation considerations into new developments from the Field Development Plan stage.
According to her, operators would be expected to consider energy efficiency, gas utilisation, flaring and emissions performance alongside the technical and commercial fundamentals of their projects.
The Chairman of AECAF, John Ofikhenua, said the conference was aimed at examining how Nigeria could retain and renew investor confidence in the oil and gas industry amid the global transition towards cleaner energy.
He called for stable policies, effective implementation of the Petroleum Industry Act and improved security, particularly in the Niger Delta, to support investment in the sector.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, also called for policy stability, regulatory certainty, improved security and faster project execution to attract and retain investment in Nigeria’s oil and gas industry.
Represented by his Senior Technical Adviser, Abel Nsa, Ekpo said Nigeria’s challenge was no longer simply the availability of oil and gas resources but creating an investment environment capable of converting them into industrialisation, jobs, infrastructure and improved living standards.
He said the Federal Government was also focused on leveraging Nigeria’s gas resources through the Decade of Gas Initiative, with projects such as the AKK and OB3 pipelines, gas processing facilities and LNG infrastructure expected to connect the country’s gas resources to domestic and international markets.
Ekpo added that government was promoting LPG and CNG expansion to improve access to cleaner and more affordable energy for households, businesses and industries.
