Key stakeholders across Nigeria’s oil and gas industry have called for urgent alignment of digital transformation, capital investment, and policy frameworks as the country intensifies efforts to achieve its three million barrels per day production target.
The position was reinforced at the 26th edition of the Oloibiri Lecture and Energy Forum held in Abuja, where regulators, operators, and policymakers agreed that a coordinated and technology driven approach is critical to unlocking production growth and improving efficiency across the sector.
Speaking at the event, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, said reforms introduced under the Petroleum Industry Act have begun to reposition Nigeria’s upstream sector by improving regulatory clarity and restoring investor confidence.
She disclosed that major projects including Bonga North, Ubeta, and HI are expected to attract more than 10 billion dollars in Final Investment Decisions after years of delays linked to fiscal uncertainty and regulatory bottlenecks.
According to Eyesan, the introduction of transparent processes, defined timelines, and clearer rules has reduced investment risks and enabled operators to advance large scale developments.
She noted that despite Nigeria’s estimated 37 billion barrels of crude oil reserves and over 200 trillion cubic feet of gas, production has remained below potential due to weak execution, stalled investments, and rising operational costs.
Eyesan stated that achieving interim targets of two million barrels per day and 10 billion cubic feet of gas by 2027, and scaling to three million barrels per day and 12 billion cubic feet by 2030, will require deliberate integration of policy direction, capital deployment, and technology adoption.
She emphasised that digitalisation is central to this strategy, highlighting the role of real time data analytics, predictive maintenance, and digital twin technologies in improving operational efficiency, reducing downtime, and optimising asset performance.
The commission, she added, is advancing a digital first regulatory framework where approvals, compliance, and reporting processes are managed through integrated platforms to improve transparency and speed.
Also speaking, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Saidu Mohammed, called for increased focus on large scale projects capable of delivering significant production volumes.
He described such initiatives as “Big Bank” projects, noting that they are essential for adding substantial barrels and gas volumes required to meet national output targets within the decade.
Mohammed further disclosed that the authority is preparing to launch Project NEXUS, a reform initiative aimed at strengthening regulatory efficiency, supporting sustainable energy development, and positioning Nigeria as a major energy hub in Africa.
At the national oil company level, the Nigerian National Petroleum Company Limited signalled a stronger shift toward digital transformation, particularly in the use of artificial intelligence.
The Group Chief Executive Officer, Bashir Bayo Ojulari, represented by Executive Vice President Upstream, Udy Ntia, said the company plans to review the budgets of its partners to assess their level of investment in digital technologies.
He warned that the industry risks rising costs and declining competitiveness if it fails to adopt data driven approaches, noting that Nigeria holds decades of valuable data, including well logs and seismic records dating back to 1956, much of which remains underutilised.
Ojulari stressed that achieving three million barrels per day is not solely a production goal but also a commercial and technological opportunity that requires coordinated action across the value chain.
In his remarks, Minister of State for Petroleum Resources Gas, Ekperikpe Ekpo, highlighted the importance of automation and intelligent systems in improving efficiency across operations.
He said digital tools can reduce downtime, enhance reservoir management, and improve asset optimisation, while also supporting Nigeria’s broader energy transition goals.
Ekpo reiterated that natural gas remains central to the country’s strategy, with ongoing initiatives focused on expanding infrastructure, increasing domestic utilisation, and linking gas resources to industrial growth.
Meanwhile, Seplat Energy outlined plans to invest about 6 billion dollars to scale production to 500,000 barrels per day by 2030.
The company’s Chief Executive, Roger Brown, represented by Managing Director of Seplat Onshore, Ibi Ada Itotoi, noted that declining output from ageing assets remains a major challenge.
He estimated that Nigeria would need to add about 200,000 barrels per day to stabilise current production levels, and an additional 300,000 to 500,000 barrels per day to reach the three million barrels target.
Earlier, Chairman of the Society of Petroleum Engineers Nigeria Council, Francis Nwaochei, said the forum was designed to deliver practical solutions to the sector’s challenges, with a focus on bridging funding gaps, improving regulatory efficiency, and accelerating technology adoption.
Stakeholders at the event agreed that while Nigeria has the resource base and policy framework to scale production, achieving the three million barrels per day target will depend on sustained execution, regulatory consistency, and effective integration of digital technologies across the industry.