NUPRC Says 22 Offshore Projects Could Draw Up To $50bn Investment

Nigeria’s upstream petroleum regulator says 22 major offshore oil and gas projects could attract between $30 billion and $50 billion in investment between 2026 and 2030.

The Nigerian Upstream Petroleum Regulatory Commission said the projects are expected to raise crude oil output, create jobs and strengthen energy security if the investment pipeline is delivered.

Punch reported the upper end of the projection as $50 billion, while Vanguard reported at least $30 billion and also stated that the full investment potential is between $30 billion and $50 billion. The figures refer to the same project pipeline, not separate announcements.

The commission’s chief executive, Oritsemeyiwa Eyesan, gave the projection in a keynote address delivered on her behalf at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition in Lagos.

Vanguard reported that the address was delivered by Enorense Amadasu, NUPRC’s Executive Commissioner for Development and Production. The commission said the projects are part of efforts to unlock new offshore production capacity over the next five years.

Sources: Punch and Vanguard.