Key facts
- New incentives for offshore oil and gas projects in Nigeria could attract $50 billion in investment.
- Nigeria aims to increase its oil production to 3 million barrels per day by 2030.
- Annual investments in the sector have dropped to $2 billion from $26 billion in 2014.
- Nigeria exceeded its OPEC+ quota of 1.5 million bpd for the third consecutive month in July.
- The country produced 1.67 million bpd combined crude and condensate in July.
Nigeria's new incentives for offshore oil and gas projects are poised to attract an estimated $50 billion in new investment, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This initiative aims to significantly boost the nation's energy sector, which has seen a sharp decline in annual investments from $26 billion in 2014 to just $2 billion currently.
Nigeria is targeting an increase in oil production to 3 million barrels per day (bpd) by 2030. The country has recently met and exceeded its OPEC+ quota of 1.5 million bpd for three consecutive months, with July's combined crude and condensate output reaching 1.67 million bpd. This sustained growth follows efforts to curb oil theft and sabotage in the Niger Delta.
Authorities are also looking to capture widening global supply gaps by increasing crude output by an immediate 100,000 bpd. NNPC, the state-owned oil company, plans to raise its production to 2 million bpd within the next two years. However, NUPRC's chief executive, Oritsemeyiwa Eyesan, noted the critical need for upskilling and expanding the workforce, including in digital industries, to fully capitalize on these offshore opportunities.