Nigeria is expecting a fresh wave of investment in its upstream oil and gas sector, with 22 major offshore projects projected to commence between now and 2030 and an estimated investment potential of $30 billion to $50 billion.
The development reflects a wider investment drive across Africa, where countries are expanding oil and gas production while increasing spending on pipelines, terminals and liquefied natural gas (LNG) infrastructure.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive Officer, Oritsemeyiwa Eyesan, disclosed the projection at the Society of Petroleum Engineers’ annual conference in Lagos.
Eyesan said the NUPRC had approved more than $57 billion in field development plans (FDPs) since 2024, with some of the approved projects already progressing to final investment decisions.
“Since 2024, the NUPRC has approved over US$57 billion in field development plan(s) (FDPs), some of which have translated to final investment decisions,” Eyesan said.
The Nigerian development comes amid a broader expansion in Africa’s energy industry. Industrial Info Resources (IIR), which tracks energy investment across the continent, said more than 800 active capital projects covering oil and gas production, pipelines and terminals are currently under development in Africa, with a combined investment value exceeding $221 billion.
Gordon Gorrie, Senior Vice President of Research, Oil & Gas, at Industrial Info Resources, said the investment surge was not unique to Nigeria, as African countries were responding to growing energy-security concerns by expanding investment across the oil and gas value chain.
He said countries were investing not only in production but also in midstream and other infrastructure needed to support increased output.
According to Gorrie, the next 12 to 18 months will be critical for large-scale oil and gas projects across Africa, with several sanctioned but delayed upstream and LNG developments expected to move towards first production.
Much of the investment, he said, is concentrated in offshore oil developments, alongside a new wave of LNG liquefaction capacity.
Gorrie also said global energy-market uncertainties were driving increased international interest in African LNG as buyers sought alternatives to supplies from the Middle East.
TotalEnergies has restarted construction of its 12.9 million-tonne-per-annum Mozambique LNG project, which is scheduled for completion in 2030.
ExxonMobil is also targeting a final investment decision in 2026 for the 18-MTPA Rovuma LNG project in Mozambique, according to Industrial Info Resources. The project, which began in 2017, was delayed by the COVID-19 pandemic, with a restart announced in June.
Across Africa, oil and gas investment is projected at about $41 billion this year, while crude oil production is expected to reach approximately 11.4 million barrels per day, Gorrie said.
Nigeria remains the continent’s leading oil producer, with crude production rising to 1.71 million barrels per day between April 2025 and April 2026.
The management of the Nigerian National Petroleum Company Limited (NNPCL) has also said the country could increase crude production by another 100,000 barrels per day by the end of 2026, partly to replace production lost amid disruptions linked to the Strait of Hormuz.
A key Nigerian deepwater development is Shell Plc’s Bonga South West/Aparo project, which has gained renewed momentum following fiscal incentives and government support under President Bola Ahmed Tinubu.
The project is expected to produce about 150,000 barrels of crude oil per day when completed.
The anticipated investment could strengthen Nigeria’s crude production capacity and supporting infrastructure while increasing government revenue and improving energy security.
However, the actual delivery of the projects will depend on sustained regulatory certainty, investment confidence and timely development of supporting infrastructure.
