WED SEPT 30 2026-theGBJournal| Nigeria’s upstream regulator has identified 22 major offshore projects — 12 in deepwater and 10 in shallow water — as potential drivers of fresh capital into the country’s oil and gas industry as regulatory reforms improve the economics of project development.
The projects, which include Bonga Southwest, Aparo, Zaba Zaba, Owowo, Bosi and Egina South, form part of an investment pipeline being promoted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as the country seeks to turn undeveloped hydrocarbon resources into producing assets.
The commission presented the projects at the Nigeria Investment Forum 2026 in New York, where its Chief Executive, Oritsemeyiwa Eyesan, outlined opportunities across offshore, gas and brownfield developments.
She was represented by Executive Commissioner for Corporate Services and Administration, Kelechi Onyekachi Ofoegbu.
The scale of the offshore pipeline highlights the investment potential still available in Nigeria’s upstream sector, even as oil companies globally remain focused on capital discipline and project returns.
The NUPRC said recent commitments to projects including Bonga North, Obeta Gas Development, HIN Associated Gas Development and Iseni Gas Development indicate that investment interest is moving beyond exploration and appraisal towards project execution.
The regulator said the Petroleum Industry Act of 2021, alongside subsequent reforms, has strengthened the regulatory framework and is intended to make upstream investments more predictable and commercially viable.
Measures targeting non-associated gas and deepwater developments, as well as efforts to reduce contracting timelines, are also expected to improve project economics and accelerate final investment decisions.
The NUPRC said it has approved 120 Field Development Plans since 2024, representing more than $57 billion in potential investment.
The approvals provide a broader pipeline of projects at different stages of development, while the 22 offshore developments identified by the commission represent a significant portion of the projects being positioned to attract new capital into Nigeria’s upstream market.
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