Keypoints
- NNPC Ltd Group CEO, Bayo Ojulari, announced that sector reforms have unlocked $24bn in fresh investments, with another $10bn prospective inflow in the works.
- Speaking at the 2026 Oloibiri Lecture and Energy Forum (OLEF), Ojulari highlighted that deepwater assets like Bosi and Owowo are moving closer to Final Investment Decisions (FIDs).
- The national oil company has adopted a three pronged strategy: protecting the base, accelerating near term growth, and reviewing its strategic portfolio to enable “new oil from new players.”
- NNPC is making Artificial Intelligence (AI) an absolute necessity, mining decades of untapped data dating back to 1956 to slash operational costs and boost efficiency.
Main Story
Nigeria’s oil and gas sector is witnessing a massive financial resurgence, with $34bn in confirmed and prospective investments now in the pipeline.
At the 26th edition of the Oloibiri Lecture and Energy Forum in Abuja, NNPC GCEO Bayo Ojulari (represented by Udobong Ntia) credited the Petroleum Industry Act (PIA) and recent executive orders for resolving legacy asset disputes and ending the era of “cash call arrears.”
This newfound regulatory clarity has reportedly restored global investor confidence, positioning the country to reach its three million barrels per day (bpd) production target within the next four years.
A central theme of the forum was the “digital imperative.” Ojulari warned that operators who fail to adopt AI and automation will become uncompetitive and “buried” by ballooning costs.
NNPC has already spent significant capital digitizing seismic data and paper logs, some of which have remained unanalyzed since the 1950s. By mining this data, the company expects to shorten project cycles and optimize “aged facilities,” shifting the industry culture toward the high maintenance standards seen in international markets.
The Issues
The primary challenge for Nigeria is the execution gap and the historical tendency toward “policy somersaults.” Ojulari noted that capital is a “coward” that seeks the path of least resistance and requires law to remain stable for at least five to seven years. The government must solve the problem of regulatory consistency to ensure that new players feel secure investing in indigenous participation. Additionally, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, reminded stakeholders that oil growth cannot happen in isolation; gas must be treated as a “catalyst for industrialization” rather than just a transition fuel.
What’s Being Said
- “I’ve been preaching AI for a long time… If we don’t do it, we’re going to be buried, frankly,” stated Bayo Ojulari, GCEO of NNPC Ltd.
- Ekperikpe Ekpo noted that the intelligence for transformation is already present, but “what remains is the political will,” which is now being provided through executive reforms.
- Olayinka Agboola of the PTDF emphasized that success is no longer about production volumes alone, but how “digitalisation, capital and policy frameworks” are harmonized.
- Industry service providers at the forum agreed that shortening the project cycle is the most critical variable for maintaining the current investment momentum.
What’s Next
- NNPC will continue its strategic portfolio review, likely opening up more opportunities for indigenous and international players to invest in incremental production.
- Technical teams will accelerate the digital mining of legacy data to identify “near term barrels” that can be brought online without major new infrastructure.
- The Ministry of Petroleum Resources will push for further executive orders to streamline regulatory timelines and remove any remaining operational hurdles for deepwater FIDs.
Bottom Line
Nigeria is no longer just chasing production numbers; it is chasing a digital and commercial overhaul. With $34bn on the table, the 3 million barrel target is no longer a “production aspiration” but a test of whether Nigeria can finally match its vast data and resources with modern execution.
