The Group Chief Executive Officer of Nigeria National Petroleum Company Limited (NNPCL), Engr. Bashir Bayo Ojulari has stated that Nigeria’s upstream oil and gas sector has attracted over $24 billion in capital investment following targeted interventions by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
He disclosed this at the recent 2026 Oloibiri Lecture & Energy Forum (OLEF 2026) in Port Harcourt, where he credited reforms addressing legacy asset disputes and unlocking stalled Final Investment Decisions.
Ojulari who was represented by EVP Upstream, Udobong Ntia, stated that achieving the 3 million barrels per day target will depend on capital, data, and effective regulation, expressing confidence in Nigeria’s capacity to compete globally.
Chief Executive of NUPRC, Oritsemeyiwa Eyesan, emphasised that production growth will require more than drilling, calling for agile regulatory frameworks that attract investment, enable digital oilfields, and drive sustainable value creation.
She said despite Nigeria’s vast reserves, past underperformance underscores the need for disciplined execution and alignment across policy, capital, and technology.
Also speaking, Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Saidu Mohammed, noted that achieving Nigeria’s 3mb/d oil and 22 BCF gas targets will require strong financing, advanced technology, and effective regulation, positioning the country as a resilient energy hub amid shifting global dynamics.
