The Nigerian National Petroleum Company Limited has disclosed that ongoing reforms in the oil and gas sector have attracted over $24bn in fresh investments, with an additional $10bn expected, as efforts intensify to meet a daily production target of three million barrels.
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made this known on Thursday during the 2026 Oloibiri Lecture and Energy Forum held in Abuja.
Ojulari, who was represented by the Executive Vice President, Upstream, Udobong Ntia, said renewed investor confidence followed the resolution of lingering disputes and previously stalled Final Investment Decisions.
According to him, the reforms have created a potential investment pipeline of about $34bn, combining both confirmed and prospective inflows into the sector.
He noted that shortening project timelines and resolving legacy issues had significantly improved capital inflow, adding that some additional projects were already progressing through critical investment stages.
The NNPC boss also stressed the need for digital transformation in the upstream sector, warning that failure to adopt emerging technologies such as artificial intelligence could undermine competitiveness.
He explained that the national oil firm was leveraging digital tools and analysing decades of accumulated data to reduce operational costs and improve efficiency.
Ojulari further observed that Nigeria possesses vast volumes of underutilised data dating back to its first commercial oil discovery in 1956, much of which remains untapped.
He expressed confidence that with the deployment of modern technology, the country could achieve its three million barrels per day target within the next three to four years.
Outlining NNPC’s strategy, he said the company was focusing on three key areas: safeguarding existing assets, accelerating short-term production growth, and restructuring its portfolio to attract new investments.
He emphasised the importance of maintaining infrastructure integrity, noting that proper asset management would eliminate the notion of ageing facilities in the industry.
Ojulari added that innovative financing models and risk-sharing frameworks were being adopted to fast-track projects capable of boosting output in the near term.
He said the ongoing portfolio review would also create opportunities for new investors and deepen indigenous participation in the sector.
On regulatory reforms, Ojulari credited the Petroleum Industry Act with improving clarity and addressing funding challenges, particularly issues related to cash call obligations.
He described the production target as not just an output goal but a measure of the country’s regulatory efficiency, investment climate, and technological readiness.
Also speaking at the event, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria already has the technical expertise required to transform its energy sector but must strengthen implementation.
He described the Petroleum Industry Act as a major milestone that has enhanced transparency and improved the investment environment.
Ekpo emphasised the importance of gas development, noting that it remains critical to industrialisation, power generation, and export diversification.
He added that the integration of digital innovation, capital investment, and stable policies would be key to unlocking the country’s full energy potential.
The Oloibiri Lecture and Energy Forum, organised by the Society of Petroleum Engineers Nigeria Council, commemorates Nigeria’s first oil discovery in Oloibiri, Bayelsa State, and serves as a platform for industry stakeholders to discuss policy and technical advancements.
Participants at the forum agreed that while Nigeria has the resources and regulatory framework to increase production, consistent policy implementation, collaboration, and technology adoption would determine its competitiveness in the global energy market.
In his remarks, the Executive Secretary of the Petroleum Technology Development Fund, Shuaibu Shehu, urged industry players to embrace digital technologies, efficient capital deployment, and sound policies to surpass the three million barrels per day target.
Represented by the General Manager, Research and Innovation, Olayinka Agboola, he noted that advancements in automation, artificial intelligence, and other digital tools were already improving efficiency and decision-making across the value chain.
He added that the Fund was strengthening human capacity development through specialised training programmes, research initiatives, and partnerships between academia and industry.
Despite the progress, stakeholders identified challenges such as regulatory delays, operational bottlenecks, and the need for stronger collaboration among key players in the sector.
