Oil sector reforms attract $24bn investments, $10bn more in pipeline – NNPC

Nigeria’s oil and gas sector has attracted more than $24 billion in fresh investments, with an additional $10 billion currently in the pipeline, following reforms aimed at improving investor confidence and boosting crude oil production, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has said.

The Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, disclosed this on Thursday at the 2026 Oloibiri Lecture and Energy Forum (OLEF) held in Abuja, where industry stakeholders gathered to discuss the future of Nigeria’s upstream oil sector.

Ojulari, who was represented by the Executive Vice President, Upstream, Udobong Ntia, said recent efforts to resolve long-standing disputes and previously stalled Final Investment Decisions (FIDs) had played a key role in unlocking the investments and restoring confidence among global energy investors.

According to him, the two major projects alone account for more than $24 billion in capital inflows, while other projects expected to come on stream could raise the total investment pipeline to about $34 billion.

“Shortening the project cycle is very important. The resolution of long-standing issues, including legacy asset disputes and previously stalled FIDs, has unlocked significant investor confidence. These interventions have contributed over $24 billion in capital investment from just two projects,” he said.

Ojulari added that additional projects were progressing through the investment approval stages.

“I haven’t even added Owowo. There is an extra $10 billion in the works and some others we are looking at very closely. Bosi has just passed gate one with the operators. There is a lot to look forward to,” he stated.

The NNPC boss noted that the combined confirmed and prospective investments signal renewed global confidence in Nigeria’s oil and gas industry as the country intensifies efforts to raise crude oil production to three million barrels per day (bpd).

He stressed that beyond securing funding, Nigeria must embrace digital transformation to remain competitive in the global energy market, warning that failure to adopt emerging technologies such as artificial intelligence (AI) could put operators at a disadvantage.

“I have been preaching AI for a long time, and it has now become an imperative. If we don’t do it, we are going to be buried, frankly,” he said.

According to him, the Nigerian oil industry holds decades of valuable geological and operational data, much of which remains underutilised despite ongoing digitisation efforts.

“We have spent a lot of money digitising our data, but if we do not mine it, we will lose one of the most critical variables in the oil industry—data. We have logs still on paper and seismic data that have not been analysed. With technology alone, the three-million-barrel target is within reach in the next three to four years,” he added.

Ojulari outlined a three-pronged strategy being implemented by NNPC to achieve the production target.

The first, he said, involves protecting existing assets by ensuring proper maintenance and operational integrity across facilities.

“We must protect the base. What has been produced and the assets we have must be maintained properly. We must eliminate the idea of ‘aged facilities’ in our upstream operations. With proper maintenance, even older assets can remain efficient,” he said.

The second strategy focuses on accelerating near-term production growth through innovative financing arrangements and commercial frameworks that can fast-track mature projects capable of delivering additional output.

The third component involves a strategic portfolio review, aimed at restructuring NNPC’s asset base to attract new investors and encourage broader participation in the industry.

“We are reshaping our portfolio to unlock value and enable new oil from new players. We want to deepen indigenous participation and attract capital and capabilities,” he said.

Ojulari also highlighted the role of the Petroleum Industry Act (PIA) in improving regulatory clarity and eliminating long-standing financial bottlenecks in the sector.

“I do not think any company can say it has struggled with cash calls in the last one and a half years. The PIA has helped tremendously,” he said.

Also speaking at the event, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria already possesses the technical capacity to transform its energy sector but must strengthen implementation to fully realise its potential.

“It tells me that the intelligence is already there. What remains is the political will, and that has been clearly provided by the President through executive orders and reforms,” Ekpo said.

He described the PIA as a turning point for Nigeria’s energy industry, noting that the legislation has created a more transparent and investor-friendly environment.

“The PIA marks a watershed. It provides clarity, predictability, and a framework that supports innovation and long-term value creation,” he said.

Ekpo also stressed the importance of expanding gas development alongside oil production, describing natural gas as a key driver of Nigeria’s economic transformation.

“Natural gas remains at the heart of our energy future. It is not just a transition fuel; it is a catalyst for industrialisation, power generation and export diversification,” he said.

The Oloibiri Lecture and Energy Forum, organised by the Society of Petroleum Engineers (SPE) Nigeria Council, commemorates Nigeria’s first commercial oil discovery in Oloibiri, Bayelsa State, in 1956 and provides a platform for dialogue on policy, innovation and investment in the energy sector.

Stakeholders at the forum agreed that while Nigeria has the resources and regulatory framework to increase oil production, achieving the three million barrels per day target will depend largely on consistent policies, technological innovation and effective execution across the industry.