NUPRC interventions attract $24b capital investment

• How to achieve over 3m/d

Owing to the interventions of the Upstream Petroleum Regulatory Commission (NUPRC)  the oil and gas sector has attracted $24 billion capital investment.

The Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer (GCEO), Engr. Bashir Bayo Ojulari, broke the news at  Abuja during the Society of 2026 Petroleum Engineering (SPE) Oloibiri Lecture Series and Energy Forum (OLEF).

Represented by  the Executive Vice President, Upstream, Mr. Udobong Ntia,  he commended the NUPRC team that has taken steps to resolve long-standing issues such as legacy assets disputes and unlocking previously stalled FIDs.

According to him, the interventions have attracted over $24 billion in capital investment.

The NNPCL boss said, “These interventions have contributed to the attraction of over $24 billion in capital investment. Just those two in the 24 billion. I don’t have any more.”

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Ojulari said the journey towards the achievement of the 3mb/d  requires capital, information, policy and regulation.

He explained that the future of Nigeria’s upstream sector will be defined by how intelligently its barriers are regulated, funded, secured, and produced.

Expressing optimism of the achievement, he said, “Together, we can ensure Nigeria competes and wins in the global energy market race. I believe we can make it.

“We can achieve 3 million barrels. It is possible. We’ve got the assets, we’ve got the resources, we’ve got the regulation, and we’ve got the capital to attract.”

Meanwhile, the  regulators, operators and other stakeholders in the industry opened up on how to achieve the three million barrels of crude oil and 12 billion cubic feet daily target in 2030.

The theme of the lecture was “Beyond Three Million Barrels Target: Harmonizing Digitalization, Capital And Policy Frameworks For Intelligent Operations And Asset Optimisation.”

In her keynote address: “Upstream Industry Regulations,” the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Chief Executive,

Mrs. Oritsemeyiwa Eyesan said the sector needs more than drilling to hit the target.

She added that the country demands policy and regulatory framework that attract capital, spur innovation, enable digital oilfields.

Eyesan stressed that the sector also needs the regulatory frameworks that ensure value is created intelligently and sustainably.

“Achieving them requires more than drilling—it demands policy and regulatory frameworks that attract capital, spur innovation, enable digital oilfields, and ensure value is created intelligently and sustainably,” she said.

According to her, the task before Nigeria  is not simply about what lies beneath the ground, but about the capacity to adapt, innovate, and execute with discipline. She said the responsibility rests firmly with the industry, government, and stakeholders alike.

Nigeria, said the NUPRC boss, is richly endowed with over 37 billion barrels of crude oil and more than 200 trillion cubic feet of natural gas, spanning deepwater, shallow water, onshore, and frontier basins.

Regrettably, Eyesan said yet, for years, this abundance did not translate into the performance expected.

She revealed that investment slowed, projects stalled, costs escalated, and confidence eroded.

She said the clear lesson from the situation is that resource endowment alone does not create value.

Eyesan however insisted that value is realized through effective execution, driven by alignment of policy, capital, and technology.

She said due to data-driven oversight, there are now upstream projects that represent over $10 billion new upstream investment.

Investors confidence, she said, is returning, noting that the commission on Wednesday sanctioned another Final Investment Decision (FID) for deepwater operation.

Eyesan said the upstream sector is seen not just as energy source but as energy security.

Similarly, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Saidu Mohammed said achieving the targets will require funding, efficient technological systems, and the right regulatory framework necessary to attract and retain investments.

According to him, attaining the 3mb/d target is essential and timely, given the country’s developmental priorities and the circumstances arising from global conflicts.

 The NMDPRA boss said the country has established itself as an emerging energy supply centre, well-equipped to address domestic demands and to export resources to other African economies and international markets.

Mohammed said the 3mb/d crude oil production target goes together with the 22 BCF per day Decade of Gas production target.

In his welcome address, the SPE Nigeria Council, Chairman, Engr. Francis Nwaochei, said the 2026 Oloibiri Lecture and Energy Forum, was not merely a gathering of the stakeholders in an industry, but as custodians of a national aspiration—one that seeks to move the stakeholders beyond the three million barrels per day target into a future defined by intelligence, resilience, and shared prosperity.

He said the theme challenges the sector to rethink value creation in a fundamentally different way—where data is as strategic as hydrocarbons, where capital is more discerning, and where policy must evolve with urgency and clarity.

Meanwhile, the Petroleum Technology Development Fund PTDF, Executive Secretary, Prof.  Shuaibu Shehu, said the theme is both timely and forward-looking.

The General Manager, Research and Innovation, Olayinka Agboola said it  reflects a growing recognition that success in today’s energy landscape is no longer defined solely by production volumes, but by how efficiently Nigeria integrates technology, optimize assets, and deploy capital within a supportive regulatory framework.