The Nigerian National Petroleum Company Limited (NNPCL) has called on the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to accelerate approval processes and strengthen its facilitation of deepwater investments in Nigeria, as part of efforts to enhance competitiveness and attract global capital to the nation’s oil and gas sector.
Group Chief Executive Officer of NNPCL, Mr. Bayo Ojulari, made this appeal during an interview featured in The Upstream Gaze, a special publication commemorating the NUPRC’s fourth anniversary.
He applauded the regulatory body for its achievements since inception, including digital reforms, licensing transparency, improved crude measurement, and enhanced gas flare commercialization initiatives.
However, Ojulari emphasized that Nigeria must go beyond these milestones to sustain investor confidence, especially in the deepwater oil and gas sub-sector, where long-term capital investments are critical.
“The Commission must continue to prioritize investment facilitation, particularly in deepwater projects, and establish a more efficient regulatory approval cycle.
The global competition for energy capital is intense, and Nigeria cannot afford delays that discourage investors,” he said.
Driving Deepwater Investments in Nigeria Through Regulatory Efficiency
The focus on deepwater investments in Nigeria has become increasingly important as the nation seeks to maximize its offshore hydrocarbon reserves and meet ambitious production targets.
Earlier this year, the NUPRC disclosed plans to unlock an additional 810,000 barrels per day from Nigeria’s deepwater fields through a new cluster and nodal development framework.
Industry analysts estimate that this could lift Nigeria’s total crude and condensate output to 2.5 million barrels per day, improving the country’s fiscal position and strengthening compliance with OPEC+ production quotas.
Ojulari noted that the NNPCL’s production strategy under his leadership aligns with these goals, focusing on gas utilization as a transition fuel, brownfield optimization, and deepwater expansion to drive sustained growth.
“We are unlocking over 200 trillion cubic feet of gas reserves to power industries, generate electricity, and support exports. Our broader goal remains energy security and sustainable economic growth,” he said.
According to him, NNPCL’s roadmap is designed to support President Bola Tinubu’s administration’s target of achieving three million barrels per day of oil production and 12 billion standard cubic feet of gas per day by 2030.
Collaborating to Restore Investor Confidence
Ojulari reaffirmed NNPCL’s commitment to working closely with NUPRC to restore investor confidence in Nigeria’s upstream sector.
He stated that the Commission’s role in improving transparency and regulatory predictability will determine the pace of future deepwater investments in Nigeria.
“This collaboration is pivotal. With NUPRC’s support, we can expedite major Final Investment Decisions (FIDs), particularly in deepwater exploration, frontier basins, and gas infrastructure,” he explained.
He also revealed that NNPCL’s reforms are already delivering results, citing the creation of the NNPC Production War Room, the Industry-Wide Security Architecture, and regular Leadership Engagements as catalysts for improved efficiency and reduced oil theft.
“Since mid-2024, the War Room has resolved bottlenecks, stabilized output, and increased collaboration across the value chain,” Ojulari added.
He noted that the coordinated security framework has reduced crude theft and vandalism across vital corridors, lifting Nigeria’s average production to 1.7 million barrels per day — the highest since 2020.
Deepwater Investments in Nigeria as Key to Economic Stability
The NNPCL boss explained that increasing deepwater investments in Nigeria would not only enhance national revenue but also attract foreign exchange inflows, create jobs, and strengthen local content development.
He highlighted the company’s ongoing refinery rehabilitation program and collaborations with private refiners such as Dangote Refinery and modular operators.
“Our focus is holistic — from upstream expansion to downstream value creation. We’re ensuring long-term energy security through stable feedstock supply, reliable logistics, and competitive pricing,” he noted.
He disclosed that NNPCL is expanding its pipeline network and storage depots to ensure efficient crude evacuation and distribution nationwide.
Pathway to a $60 Billion Energy Investment Target
Ojulari restated NNPCL’s alignment with the Federal Government’s ambition to attract $60 billion in new oil and gas investments by 2030.
He emphasized that achieving this target depends on consistent collaboration between NNPCL, NUPRC, and private sector partners.
He expressed optimism that with the NUPRC’s digital reforms, transparent bid rounds, and targeted regulatory clarity, deepwater investments in Nigeria would continue to gain traction in the coming years.
“We’re committed to ensuring Nigeria remains a preferred investment destination in Africa’s energy market. Our policies, transparency, and operational efficiency must send a clear signal to global investors that Nigeria is ready for business,” he concluded.
As Nigeria races to meet its energy transition and production milestones, the NNPCL’s call for faster approvals and enhanced regulatory efficiency underlines the central role of deepwater investments in Nigeria in driving the country’s economic resurgence.
Industry observers agree that with coordinated policy reforms, improved security, and timely approvals, Nigeria could reclaim its position as one of the most attractive upstream investment destinations in the world.
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