Ojulari highlights AI adoption, policy reforms, and investor confidence as key drivers of upstream sector revival……
Nigerian National Petroleum Company Limited has revealed that sweeping reforms in Nigeria’s oil and gas sector have unlocked more than $24 billion in fresh investments, with an additional $10 billion currently in the pipeline, marking a major boost to the country’s ambition of reaching three million barrels of crude oil per day.
The disclosure was made by the company’s Group Chief Executive Officer, Bayo Ojulari, during the 2026 edition of the Oloibiri Lecture and Energy Forum held in Abuja. Represented by the Executive Vice President, Upstream, Udobong Ntia, Ojulari said renewed investor confidence is beginning to reshape Nigeria’s upstream landscape.
According to him, the resolution of long-standing disputes and previously delayed Final Investment Decisions has been instrumental in unlocking capital inflows, with just two major projects accounting for over $24 billion in investments.
“There is even more on the way,” he noted, pointing to an additional $10 billion tied to emerging projects, bringing the total potential investment pipeline to about $34 billion.
Beyond funding, Ojulari stressed that the future of Nigeria’s oil industry will depend heavily on digital transformation. He warned that companies that fail to embrace technologies like artificial intelligence risk becoming obsolete in an increasingly competitive global market.
“We have invested heavily in digitising our data over the years,” he said. “But without properly mining that data, we risk losing one of the industry’s most valuable assets.”
He added that Nigeria still holds vast volumes of untapped geological and operational data dating back decades, much of it yet to be fully analysed. Leveraging this data through advanced technologies, he argued, could significantly cut costs and accelerate production growth.
The NNPC outlined a three-pronged strategy to reach its ambitious production target. The first focuses on safeguarding existing assets and improving maintenance standards to eliminate inefficiencies. The second aims to fast-track near-term production through innovative financing models and quicker project cycles. The third involves restructuring the company’s asset portfolio to attract new investors and deepen indigenous participation.
Ojulari also credited regulatory improvements under the Petroleum Industry Act for removing key bottlenecks, particularly issues related to funding obligations that had historically slowed project development.
The three-million-barrel target, he said, is not just about increasing output but about demonstrating Nigeria’s capacity to align capital, policy, and technology effectively.
Also speaking at the forum, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said the country already possesses the technical expertise needed to transform its energy sector, but must now focus on execution and consistency.
He described the Petroleum Industry Act as a turning point that has created a more transparent and investor-friendly environment, while emphasizing the critical role of natural gas in driving industrialisation and economic growth.
Stakeholders at the event broadly agreed that Nigeria’s ability to meet its production goals will depend less on resource availability and more on sustained reforms, regulatory clarity, and the effective adoption of modern technologies.
With billions of dollars in new investments on the table and a renewed push for efficiency, Nigeria’s oil sector appears to be entering a new phase, one that could redefine its role in the global energy market.
