NNPCL urges NUPRC to strengthen investment facilitation, especially in deepwater projects, to keep Nigeria competitive in the global energy market

NNPCL investment facilitation is at the centre of renewed calls by the Nigerian National Petroleum Company Limited, as its Group Chief Executive Officer, Bayo Ojulari, urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to deepen its support for investors, particularly in deepwater projects, to sustain Nigeria’s competitiveness in the global energy market.

Also read: Andy Odeh NNPCL Appointment Inspires Faith in Stronger Leadership

Speaking in an interview published on Wednesday in The Upstream Gaze, a special edition of the NUPRC’s in-house journal marking the Commission’s fourth anniversary, Ojulari commended the regulator for notable achievements over the past four years.

These include digitalised licensing and regulatory systems, improved crude oil measurement standards, successful bid rounds that attracted new players, and steady progress in gas flare commercialisation.

However, the NNPCL boss emphasised the need for the Commission to further strengthen regulatory efficiency and enhance investor confidence in the upstream sector.

“Going forward, I would urge the Commission to continue to prioritise investment facilitation, especially around deep-water projects, and to create even more efficient regulatory approval cycles.

The global competition for capital is fierce, and Nigeria must remain attractive to investments,” Ojulari said.

Earlier this year, the NUPRC unveiled a plan to unlock an additional 810,000 barrels of crude oil per day from Nigeria’s deepwater oil fields through a new cluster and nodal development initiative—a move that could raise total monthly production by about 2.51 million barrels per day, including condensates.

Ojulari noted that NNPCL’s strategic priorities under his leadership focus on making gas a transition fuel, growing national oil and gas output, and ensuring domestic energy security.

“We plan to unlock Nigeria’s over 200 trillion cubic feet of proven gas reserves to drive power generation, industrial growth, and exports,” he stated.

He reaffirmed NNPCL’s commitment to achieving President Bola Tinubu’s production target of three million barrels of oil and 12 billion standard cubic feet of gas per day by 2030, adding that both brownfield and greenfield developments will underpin this expansion.

Ojulari highlighted NUPRC’s pivotal role in achieving these ambitions, noting that NNPCL and its partners currently account for over 95 per cent of national oil output.

He also cited the company’s internal reforms, including the NNPC Production War Room, the Industry-Wide Security Architecture, and periodic leadership engagements, as key drivers of improved output and operational efficiency.

“The War Room, launched in mid-2024, has been a major success story, streamlining processes, resolving production bottlenecks, and sustaining base production,” he explained.

Ojulari revealed that these initiatives have lifted Nigeria’s average crude and condensate output to over 1.7 million barrels per day—the highest since 2020—while reducing oil theft and enhancing coordination between stakeholders.

Beyond production, he underscored NNPCL’s commitment to bolstering refining capacity and ensuring long-term energy security.

“We are finalising refinery rehabilitation and strengthening partnerships with private refiners, including Dangote and modular operators, while securing long-term crude supply contracts and expanding logistics infrastructure,” he said.

Ojulari reaffirmed that the company’s vision extends beyond production metrics to broader national goals of energy security, job creation, and industrial growth.

Also read: NNPCL warns against fraudulent impersonators soliciting money from investors

“NNPCL remains aligned with the Presidential Mandate to attract $60 billion in new oil and gas investments by 2030. Continuous collaboration between NNPCL and NUPRC will be critical to achieving Nigeria’s production and energy transition goals,” he concluded.