NNPC Reforms Unlock $34bn Energy Investments In Two Years —Ojulari

The Nigerian National Petroleum Company Limited has announced that recent reforms in Nigeria’s oil and gas sector have unlocked over $24bn in fresh investments, with an additional $10bn currently in the pipeline, as the country pushes toward a three million barrels per day (bpd) production target.

The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, disclosed this on Thursday at the 2026 Oloibiri Lecture and Energy Forum held in Abuja.

Ojulari, who was represented by the Executive Vice President, Upstream, Udobong Ntia, said the reforms had significantly boosted investor confidence.

According to him, the resolution of long-standing disputes and previously stalled Final Investment Decisions (FIDs) played a key role in attracting capital inflows.

“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 $24bn in capital investment from just two projects,” he said.

Ojulari added that Nigeria’s total potential investment pipeline now stands at about $34bn, combining confirmed and prospective inflows, describing it as a strong signal of renewed global confidence in the sector.

He further revealed that additional investments, including the Owowo and Bosi projects, are progressing, with more funding expected in the near term.

Beyond capital inflows, the NNPC boss stressed the urgent need for digital transformation in the industry, warning that failure to adopt artificial intelligence could make operators uncompetitive.

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

Ojulari noted that Nigeria holds decades of underutilised data dating back to its first commercial oil discovery in 1956, much of which remains untapped. He explained that leveraging this data through advanced technology could significantly reduce costs and boost production efficiency.

“With technology alone, the three-million-barrel target is within sight in the next three to four years,” he added.

To achieve the production target, Ojulari outlined a three-pronged strategy by NNPC, including protecting existing assets, accelerating near-term production growth, and restructuring the company’s portfolio to attract new investors.

He emphasised the importance of maintaining infrastructure, eliminating the culture of “aged facilities,” and adopting innovative financing models to fast-track projects.

Ojulari also highlighted the role of regulatory reforms, particularly the Petroleum Industry Act, in improving investor confidence and eliminating funding bottlenecks such as cash call arrears.

“I don’t 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.

He described the three million bpd target as not just a production goal but a broader test of Nigeria’s regulatory efficiency, capital discipline, and digital readiness.

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 now demonstrate stronger execution.

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

Ekpo described the Petroleum Industry Act as a turning point, noting that it has created a more transparent and investor-friendly environment for the oil and gas sector.