Nigeria expects to attract investments worth between $30 billion and $50 billion from 22 offshore oil and gas projects over the nest five years, the country’s Upstream Petroleum Regulatory Commission has said.
“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination,” the regulator’s chief executive Oritsemeyiwa Eyesan said, as quoted by The Sun.
“Since 2024, the NUPRC has approved over $57 billion in Field Development Plans, some of which have translated into Final Investment Decisions,” the official also said.
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Nigeria pumped 1.56 million barrels per day of crude oil in June, the largest average monthly production volume since April 2020, the Upstream Petroleum Regulatory Commission said last month. This was a little above its OPEC+ quota but with the massive production disruption in the Middle East, non-Middle Eastern OPEC members have gotten a chance to boost production without repercussions, as the group gradually unwound its self-imposed restrictions to make up for lost Persian Gulf supply.
Total Nigerian crude oil and condensate production rose for the fourth consecutive month to 1.735 million bpd in June, with the improved performance “primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review,” NUPRC also said in July. The commission expects crude oil and condensate production to rise to 2 million barrels daily “in the near term.”
In July, production continued to rise, with the average daily output topping 1.8 million barrels daily, the oil industry regulator said this week. In August, production so far has been running at 1.78 million barrels daily. Nigeria sources 66% of its budget revenues from the oil and gas industry, which also accounts for as much as 80% of the country’s foreign currency earnings.
By Irina Slav for Oilprice.com
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