Oil, Gas Sector Secures $24bn Investment – Ojulari
Nigeria’s upstream oil and gas sector has attracted over $24 billion in capital inflows following targeted interventions by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), according to NNPCL Group Chief Executive Officer, Bayo Ojulari.
Speaking at the 2026 Oloibiri Lecture & Energy Forum (OLEF) in Port Harcourt, Ojulari credited reforms that resolved legacy asset disputes and unlocked stalled Final Investment Decisions. Represented by EVP Upstream, Udobong Ntia, he said achieving Nigeria’s 3 million barrels per day target will depend on capital, data, and effective regulation.
“The inflows demonstrate confidence in Nigeria’s capacity to compete globally,” Ojulari said, stressing that harmonising digitalisation, capital, and policy frameworks is key to intelligent operations and asset optimisation.
NUPRC Chief Executive, Oritsemeyiwa Eyesan, noted that production growth requires more than drilling. “We need agile regulatory frameworks that attract investment, enable digital oilfields, and drive sustainable value creation,” she said, warning that past underperformance underscores the need for disciplined execution.
Engr. Saidu Mohammed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), added that achieving Nigeria’s 3mb/d oil and 22 BCF gas targets will require strong financing, advanced technology, and effective regulation. He said this would position Nigeria as a resilient energy hub amid shifting global dynamics.
Chairman of the Society of Petroleum Engineers, Nigeria Council, Francis Nwaochei, described OLEF 2026 as a defining moment to reposition the industry’s trajectory. He said the forum reflects a future anchored on intelligence, resilience, and shared prosperity.
Analysts say the $24bn inflow marks a significant boost for Nigeria’s energy sector, but warn that sustained reforms, transparency, and disciplined execution will be critical to achieving long‑term production and investment goals.