Nigeria’s struggling oil sector is poised for a significant revival as six major offshore developments are set to unlock more than 800,000 barrels per day (bpd) of crude, potentially reversing years of declining production.
Industry analysts say the projects, tapping billions of barrels in untapped deepwater reserves, represent Nigeria’s most ambitious push in decades to reclaim its position as Africa’s top oil producer.
For much of the past ten years, Nigeria’s oil output has been hobbled by chronic underinvestment, aging infrastructure, and persistent security threats in onshore fields. Production has plunged from a peak of 2.5 million bpd to just 1.5 million bpd as of July 2025, despite the country holding some of the largest proven reserves on the continent.
The new projects—backed by global oil majors and local partners—are expected to be rolled out in phases over the next few years. Once operational, they could lift total national output closer to the 2.3 million bpd mark and give Nigeria more leverage within OPEC, where its quota compliance has been closely watched.
While deepwater exploration is cost-intensive, industry executives argue it offers a more secure and stable production environment compared to the oil theft–prone Niger Delta. “This is not just about numbers,” one senior industry official noted. “It’s about securing Nigeria’s long-term energy future.”
The timing could be crucial. Rising global demand, coupled with OPEC+ production adjustments, has made additional Nigerian supply a valuable asset for international markets. But experts caution that delays in regulatory approvals, cost overruns, or technical setbacks could slow the gains.
If successful, the projects could ease Nigeria’s reliance on imported refined products, boost foreign exchange earnings, and spur fresh investments in supporting infrastructure—from pipelines to export terminals.
With oil still accounting for over 80 percent of Nigeria’s export revenue, the stakes are high. The coming years will test whether these six deepwater ventures can deliver not just barrels, but renewed confidence in Africa’s largest economy.