The Nigerian National Petroleum Company Limited (NNPCL) has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to intensify efforts in attracting investments, particularly in deepwater oil projects, to ensure Nigeria remains competitive in the global energy landscape.
Group Chief Executive Officer of NNPCL, Mr. Bayo Ojulari, made the call in an interview on Wednesday while featuring in The Upstream Gaze, a special publication marking NUPRC’s fourth anniversary.
Ojulari commended the Commission for its strides over the past four years, including digitalising regulatory processes, enhancing crude oil metering systems, conducting transparent bid rounds, and driving gas flare commercialisation and domestic gas supply obligations.
However, he urged NUPRC to strengthen its investment facilitation and regulatory efficiency to deepen investor confidence. “The global competition for capital is fierce, and Nigeria must remain attractive to investments, especially in deepwater projects,” Ojulari stated.
Earlier this year, the Commission announced plans to unlock 810,000 additional barrels of crude oil per day’s from deepwater fields through a new cluster and nodal development initiative—a move expected to significantly boost national revenue and oil production capacity.
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On NNPCL’s strategic focus, Ojulari reaffirmed the company’s commitment to increasing crude output to 3 million barrels per day and gas production to 12 billion standard cubic feet per day by 2030, aligning with President Bola Tinubu’s energy growth directive.
He added that unlocking Nigeria’s vast 200 trillion cubic feet of gas reserves would power industries, drive exports, and strengthen the nation’s energy security.
