Nigeria, Two Others Set to Launch 10 Offshore Projects To Increase Crude Production

• Ahead of the expected boom in crude oil drilling, Nigeria and other African countries are set to launch offshore projects
• The projection from the expert report is that 10 such projects will be launched within the next few years
• There are also projections that Nigeria will lead the revolution, given the impressive reserves

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

At least ten new offshore drilling projects are set to begin in Nigeria, Ivory Coast, and Mozambique between 2026 and 2027, marking a significant boost for Africa’s deepwater oil and gas sector.

This insight comes from a report by Upstream Online, citing recent updates from two of the world’s largest offshore drilling companies, Transocean and Valaris.

The drilling contractors, known for their expertise in deepwater exploration and production, highlighted that international oil companies are increasingly focusing on Africa’s vast, underutilised offshore resources.

The report emphasised that the continent is now generating the types of opportunities global drillers have long anticipated.

Investors, stakeholders remain bullish on crude oil production

During earnings calls, both Transocean and Valaris shared their bullish outlook on Africa, highlighting the region’s growing importance for drillship and semi-submersible rig contracts, the PUNCH reports.

Matt Lyne, Senior Chief Commercial Officer at Valaris, stated that Offshore Africa remains the most active area for future opportunities, adding that companies are looking at long-term projects in Nigeria and other countries.

Industry experts say this new wave of offshore activity reflects renewed investor confidence in Africa's offshore basins.

While high capital expenditure and complex engineering needs have historically deterred some players, the recent rise in global energy demand, coupled with improved economics for deepwater operations, is attracting international oil companies back to the region.

Nigeria, Africa’s top oil producer, is at the forefront of this resurgence. Ivory Coast is rapidly gaining traction after recent oil discoveries, while Mozambique is cementing its place on the map with sizable offshore natural gas reserves.

Meanwhile, oil prices have declined to the lowest in four years on the heels of increasing production.

Nigeria set to attract foreign investments

These developments are expected to attract major foreign direct investment, fuel job creation, and enhance technical capacity across local communities.

As offshore operations ramp up, Africa, particularly the trio of Nigeria, Ivory Coast, and Mozambique, is positioning itself as a critical player in the global energy transition, especially as nations look to diversify supply chains and tap into more secure, large-scale reserves.

Ronald Adams, Managing Director of Shell Nigeria Exploration and Production Company Ltd. (SNEPCo), recently expressed confidence that the deepwater drilling would push Nigeria over the 2.4 million bpd target.

He noted that Nigeria’s deepwater reserves have high production potential for crude oil and gas fields to support the country’s drive to clean energy solutions.

Many international oil companies, including Shell and Chevron, are moving away from shallow water production because of the decline caused by crude oil theft to offshore drilling, where operations are better secured from pipeline vandalism.

Nigeria increases crude oil production

Legit.ng earlier reported that Nigeria's crude oil production increased in the first three months of 2025.

New data from NUPRC showed that despite current challenges in global prices, several countries continue to patronise Nigerian crude oil.

The list of top buyers in 2024 includes 10 countries, including the Netherlands, Canada, Spain, France, and Indonesia.

Proofreading by Nkem Ikeke, copy editor at Legit.ng.

Source: Legit.ng