Nigeria’s upstream oil and gas sector has recorded a major resurgence, attracting over $24 billion in capital investment, following sweeping regulatory interventions by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Engr. Bashir Bayo Ojulari, disclosed this at the 2026 Society of Petroleum Engineers (SPE) Oloibiri Lecture Series and Energy Forum (OLEF) in Abuja. Represented by the Executive Vice President, Upstream, Udobong Ntia, Ojulari credited the surge in investment to deliberate efforts aimed at resolving long-standing industry challenges.
He highlighted key reforms, including the resolution of legacy asset disputes and the unlocking of previously stalled Final Investment Decisions (FIDs), as critical drivers behind the renewed investor confidence.
“These interventions have contributed to the attraction of over $24 billion in capital investment,” he said.
Ojulari noted that achieving Nigeria’s ambitious target of producing three million barrels of crude oil per day will depend on a strategic blend of capital inflow, data-driven decision-making, and a robust regulatory framework.
He expressed optimism about the sector’s future, insisting that Nigeria possesses the necessary assets, resources, and regulatory backing to compete effectively in the global energy market.
“We can achieve three million barrels per day. The capacity is there, and so is the capital,” he added.
Industry stakeholders at the forum also outlined pathways to reaching the 2030 production targets of three million barrels of crude oil per day and 12 billion cubic feet of gas daily. Discussions centered on the need to harmonize digitalization, investment, and policy frameworks for smarter and more efficient operations.
In her keynote address on upstream industry regulations, NUPRC Chief Executive, Mrs. Oritsemeyiwa Eyesan, stressed that increased drilling alone would not guarantee success. She emphasized the need for policies that attract investment, encourage innovation, and support the deployment of digital oilfield technologies.
“Nigeria’s challenge is not just about resource availability, but about our ability to adapt, innovate, and execute effectively,” she said.
Despite Nigeria’s vast reserves—estimated at over 37 billion barrels of crude oil and more than 200 trillion cubic feet of natural gas—Eyesan noted that the sector has historically underperformed due to stalled investments, rising costs, and declining investor confidence.
However, she revealed that the tide is turning, with over $10 billion in new upstream investments driven by improved regulatory oversight and data transparency. She also confirmed the recent approval of a new deepwater FID, signaling renewed momentum in the sector.
Similarly, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Saidu Mohammed, underscored the importance of funding, technology, and efficient regulation in achieving production goals.
He noted that the crude oil production target aligns with Nigeria’s broader ambition of reaching 22 billion cubic feet per day under the Decade of Gas initiative, positioning the country as a key energy supplier both domestically and internationally.
The Chairman of the SPE Nigeria Council, Engr. Francis Nwaochei, described the forum as a critical platform for advancing national energy aspirations. He urged stakeholders to embrace innovation, data-driven strategies, and policy reforms to unlock greater value in the sector.
Echoing similar sentiments, the Petroleum Technology Development Fund (PTDF) emphasized that future success in the energy industry will depend not just on output volumes, but on how effectively Nigeria integrates technology, optimizes assets, and aligns capital with regulatory frameworks.
As momentum builds, stakeholders remain cautiously optimistic that with sustained reforms and strategic collaboration, Nigeria’s oil and gas sector is on track for a transformative decade.
