KEY POINTS
- NNPC, NUPRC and NMDPRA outlined strategies to achieve Nigeria’s 3 million barrels per day oil production target by 2030.
- Regulatory reforms and policy alignment have helped attract over $24 billion in new capital investment.
- Stakeholders say digitalisation, funding, and gas expansion are critical to boosting output and energy security.
The Nigerian National Petroleum Company Limited, NNPC, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, have outlined strategies to achieve Nigeria’s target of producing over three million barrels of crude oil per day by 2030.
The stakeholders spoke in Abuja during the 2026 Oloibiri Lecture Series and Energy Forum organised by the Society of Petroleum Engineers, where they stressed the need for policy alignment, investment inflow, and technology-driven operations to boost output.
In her keynote address, NUPRC Chief Executive, Oritsemeyiwa Eyesan, said Nigeria must go beyond drilling activities to meet the production target.
She noted that the sector requires policies that attract capital, encourage innovation, and enable digital oilfield operations. According to her, effective alignment of policy, capital, and technology is critical to unlocking value in the oil and gas sector.
Eyesan added that Nigeria holds more than 37 billion barrels of crude oil and over 200 trillion cubic feet of natural gas, but stressed that resource abundance alone does not guarantee performance.
Investment momentum returning to sector
The NUPRC boss revealed that data-driven oversight has helped revive investor confidence, with upstream projects representing more than $10 billion in new investments.
She also disclosed that the commission recently approved another Final Investment Decision for a deepwater project, signalling renewed industry activity.
Speaking on behalf of NNPC Group Chief Executive Officer Bashir Bayo Ojulari, Executive Vice President (Upstream), Udobong Ntia, said achieving the 3mb/d target would require capital, strong regulation, security, and efficient production systems.
He expressed confidence that Nigeria has the assets and resources needed to meet the target, noting that regulatory interventions have resolved legacy disputes and unlocked stalled investments.
According to him, these measures have attracted more than $24 billion in capital investment into the sector.
The NMDPRA, represented by Saidu Mohammed, said funding, technology, and supportive regulations are essential to achieving the production goal.
He added that the crude oil production target aligns with Nigeria’s broader gas development plan, including the Decade of Gas initiative aimed at boosting daily gas output.
Industry stakeholders at the forum emphasised that achieving the target would strengthen Nigeria’s energy security, boost exports, and position the country as a major energy supply hub for Africa and global markets.
