NNPC Group CEO reports $24bn upstream investment inflows at OLEF 2026, credits NUPRC reforms

The Group Chief Executive Officer of NNPC Ltd, Mr. Bashir Bayo Ojulari, has announced that 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).

Ojulari made the disclosure during his keynote address at the 2026 Oloibiri Lecture & Energy Forum (OLEF 2026), held in Abuja under the theme “Beyond Three Million Barrels Target: Harmonizing Digitalization, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation.”

Represented by the Executive Vice President (EVP) Upstream, Mr. Udobong Ntia, Ojulari credited the reforms with resolving legacy asset disputes and unlocking stalled Final Investment Decisions. He stressed that achieving the three million barrels per day target will depend on capital, data, and effective regulation, expressing confidence in Nigeria’s ability to compete globally.

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

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

CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. 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.

Earlier, SPE Nigeria Council Chairman, Mr. Francis Nwaochei, stated that OLEF 2026 is a defining moment to reposition the industry’s trajectory toward intelligence, resilience, and shared prosperity.

“OLEF 2026 represents our collective commitment to move beyond dialogue and deliver practical, scalable solutions,” he said.

While Nigeria continues pursuing ambitious production targets, he noted the focus is expanding toward unlocking deeper value from existing assets through innovation, disciplined financing, and smarter regulation.

“The future of our industry will not be determined by the volume of resources we extract, but by the intelligence with which we manage them,” Nwaochei added.

The Oloibiri Lecture & Energy Forum (OLEF) is a flagship annual platform of the SPE Nigeria Council dedicated to advancing dialogue, innovation, and collaboration across Nigeria’s energy industry.

OLEF 2026 brought together an esteemed audience including Ministers of Petroleum Resources, Chief Executives of Regulatory Institutions, Leaders of National Oil Companies, and key stakeholders across the value chain.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

See author's posts