Nigeria’s upstream oil and gas sector has attracted over $24 billion in capital investment following targeted interventions by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Group Chief Executive Officer of Nigeria National Petroleum Company Limited (NNPCL), Engr. Bashir Bayo Ojulari has said.

He spoke at the recent 2026 Oloibiri Lecture & Energy Forum (OLEF 2026) in Port Harcourt, where he credited reforms addressing legacy asset disputes and unlocking stalled Final Investment Decisions.

The theme of the lecture, “Beyond Three Million Barrels Target: Harmonizing Digitalization, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation,” brought together an esteemed audience that includes Ministers of Petroleum Resources, Chief Executives of Regulatory Institutions, Leaders of National Oil Companies, and key stakeholders across the value chain.

Represented by EVP Upstream, Udobong Ntia, Ojulari emphasised that achieving the 3 million barrels per day target will depend on capital, data, and effective regulation, expressing confidence in Nigeria’s capacity to compete globally.

In her the keynote, NUPRC Chief Executive, Oritsemeyiwa Eyesan, emphasized that production growth will require more than drilling, calling for agile regulatory frameworks that attract investment, enable digital oilfields, and drive sustainable value creation.

She said despite Nigeria’s vast reserves, past underperformance underscores the need for disciplined execution and alignment across policy, capital, and technology.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Chief Executive, Engr. Saidu Mohammed, stressed that achieving Nigeria’s 3mb/d oil and 22 BCF gas targets will require strong financing, advanced technology, and effective regulation, positioning the country as a resilient energy hub amid shifting global dynamics.

Speaking, the Chairman, Society of Petroleum Engineers, Nigeria Council, Mr. Francis Nwaochei said that the 2026 Oloibiri Lecture & Energy Forum (OLEF 2026) is a defining moment to reposition the industry’s trajectory toward a future anchored on intelligence, resilience, and shared prosperity.