Regulators, operators, and Stakeholders in Nigeria’s oil and gas sector have outlined a defined roadmap to achieve the goal of crude oil production of more than 3 million barrels per day while ramping up gas production by 2030, during the Oloibiri Lecture Series and Energy Forum (OLEF).
During the event organised by the Oloibiri Oil and Gas Association of Nigeria (OOGAN), stakeholders, including regulators and operators, stated that reaching the set goals would not depend only on increased drilling efforts.
Speaking at the event, Mrs Oritsemeyiwa Eyesan, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), noted that the country must move beyond being dependent on its abundant natural resources. She added that the production target cannot be attained without creating an enabling regulatory framework which can attract capital and innovation, particularly digital technologies.
She noted that although Nigeria boasts over 37 billion barrels of crude oil and more than 200 trillion cubic feet of gas, these resources have not consistently translated into strong performance due to stalled investments, rising costs, and declining investor confidence.
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Eyesan, however, pointed to signs of recovery, revealing that investor confidence is gradually returning, with the commission recently approving a new Final Investment Decision (FID) for a deepwater project.
Representing the Nigerian National Petroleum Company Limited (NNPCL), the Executive Vice President, Upstream, Mr Udobong Ntia, said reaching the 3mb/d target will depend on the effective alignment of capital, data, policy, and regulation. He expressed confidence that Nigeria has the necessary assets and resources to compete globally, noting that recent reforms have already attracted over $24 billion in investments.
Similarly, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed (represented by Engr. Saidu Mohammed), stressed that achieving the target will require sustained funding, efficient technology, and a stable regulatory framework to attract and retain investors.
He added that the oil production goal aligns with Nigeria’s broader gas ambitions under the Decade of Gas initiative, positioning the country as a key energy supplier both domestically and internationally.
In his remarks, the Chairman of the Society of Petroleum Engineers (SPE) Nigeria Council, Francis Nwaochei, described the forum as a platform to rethink how value is created in the industry. He said the future of the sector will be driven not just by production volumes, but by data, innovation, and responsive policies.
Other speakers, including representatives of the Petroleum Technology Development Fund (PTDF), highlighted the importance of integrating technology, optimising assets, and deploying capital efficiently to ensure long-term growth and resilience in Nigeria’s energy sector.
