Nigeria Announces Plan to Attract Up to $50 Billion in Deepwater Oil and Gas Investments by 2030

Nigeria has announced a new regulatory framework to attract up to $50 billion in deepwater oil and gas investments by 2030. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that 22 major offshore projects are expected between 2026 and 2030, with an estimated investment potential of $30 billion to $50 billion. The presidency has approved an investment framework based on the 'Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026', which can support projects starting from the $10 billion Bonga Southwest project. The Nigerian National Petroleum Corporation (NNPC) announced that this framework will strengthen the goal of achieving a production target of 3 million barrels per day by 2030. Currently, Nigeria's combined production of crude oil and condensate is 1,735,398 barrels per day, indicating a significant increase is needed to meet the 2030 target. Reuters reported that NUPRC allocated 37 blocks to 31 companies in the 2025 licensing round. The industry views the $50 billion as a potential upper limit rather than a guaranteed execution amount, depending on the actual progress of various projects.

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