NEW YORK — Nigeria’s upstream petroleum regulator has identified 22 major offshore projects that could drive a new wave of investment in the country’s oil and gas sector as the government seeks to turn approved developments into producing assets.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, disclosed the project pipeline at the Nigeria Investment Forum 2026 in New York, where Commission Chief Executive Oritsemeyiwa Eyesan presented the country’s upstream investment outlook.
Eyesan, represented by NUPRC Executive Commissioner for Corporate Services and Administration Kelechi Onyekachi Ofoegbu, said the pipeline covers deepwater, shallow-water, gas and brownfield developments.
She said regulatory reforms and improved project economics were creating new opportunities for investors in Nigeria’s upstream sector.
The offshore pipeline comprises 12 deepwater and 10 shallow-water projects, including Bonga Southwest, Aparo, Zaba Zaba, Owowo, Bosi and Egina South.
The NUPRC also highlighted recent capital commitments to projects including Bonga North, Obeta Gas Development, HIN Associated Gas Development and Iseni Gas Development as evidence that investment activity is moving from project identification toward development.
$57 billion investment pipeline
The regulator said it has approved 120 Field Development Plans, or FDPs, since 2024, representing more than $57 billion in potential investment.
The approvals point to a substantial pipeline of upstream projects moving through Nigeria’s regulatory system. The key challenge now is converting those approvals and investment commitments into final investment decisions, construction, production and sustained output.
Eyesan said the Petroleum Industry Act of 2021 had established the foundation for restructuring Nigeria’s upstream regulatory framework, while subsequent reforms have focused on improving predictability and the bankability of petroleum projects.
The commission has placed particular emphasis on incentives for non-associated gas and deepwater developments, as well as measures intended to shorten contracting timelines and provide investors with greater certainty over project economics.
NUPRC said the reforms are designed to improve the conditions under which investors evaluate and commit capital to Nigerian upstream developments.
The 22 offshore opportunities include some of Nigeria’s long-standing deepwater discoveries and development prospects. The wider project pipeline also reflects growing interest in gas developments and brownfield opportunities.
Investment challenge
The NUPRC presentation comes as Nigeria seeks to reverse years of underinvestment in upstream capacity and increase production from its substantial oil and gas reserves.
For investors, the 22-project offshore pipeline and 120 FDPs approved since 2024 provide an indication of the scale of developments progressing through Nigeria’s upstream regulatory system.
But the next test will be whether the more than $57 billion in potential investment represented by the approved development plans can be converted into actual capital commitments, final investment decisions, construction and production.
Nigeria is betting that regulatory reforms, improved project economics and a clearer investment framework can help unlock capital needed to expand upstream production and strengthen the country’s position as a major oil and gas producer.
SUPPORT AFRICAN BUSINESS JOURNALISM
Help XOL Africa expand independent business reporting across Africa.
SUPPORT XOL AFRICA →
