Nigeria Eyes $50 Billion in Offshore Oil and Gas Investment With New Incentives

Nigeria's Upstream Petroleum Regulatory Commission (NUPRC) said new incentives for offshore oil and gas projects have the potential to attract 50 billion dollars in new investment. According to OilPrice.com, NUPRC chief executive Oritsemeyiwa Eyesan said this week at a human resources conference that Nigeria needs more skilled workers, including in digital industries, to capture the new offshore opportunities.

According to Eyesan, annual investment in Nigeria's oil and gas industry has fallen from 26 billion dollars in 2014 to just 2 billion dollars now. The commission also said Nigeria pumped 1.505 million barrels of crude oil per day last month, exceeding its OPEC+ quota of 1.5 million barrels per day for a third straight month, as the country targets raising output to 3 million barrels per day by 2030.