By Abiodun Folarin
WoldStage– Nigeria’s renewed oil and gas investment drive is entering a critical execution phase, with more than $57 billion worth of Field Development Plans already approved and crude and condensate production rising to about 1.68 million barrels per day in August 2026.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the latest production level represented the fourth consecutive month Nigeria has met its OPEC quota, strengthening the country’s push to raise output to 2 million barrels per day in the near term and 3 million barrels per day by 2030.
NUPRC Chief Executive, Oritsemeyiwa Eyesan, who was represented by the Commission’s Director of Subsurface Development, Joseph Ogunshola, disclosed this on Thursday at the 2026 Annual Conference of the Association of Energy Correspondents Abuja (AECAF), themed: “Sustaining Oil and Gas Investment in Nigeria Amid Energy Transition.”
Eyesan, however, said the immediate challenge was no longer securing investment commitments or approving projects but translating them into actual production.
“The priority now is execution. Approvals and investment commitments are important, but their real value is realised when projects move and new volumes come onstream,” she said.
According to her, the Commission has approved Field Development Plans valued at more than $57 billion since 2024, while 22 offshore projects scheduled for execution between 2026 and 2030 are expected to attract an additional $30 billion to $50 billion in investment.
The development comes as Nigeria seeks to reverse years of production constraints, declining upstream investment and delays in bringing oil and gas projects on stream, while competing for capital in a global energy market undergoing significant transition.
The NUPRC said Nigeria had proved and probable reserves of 37.01 billion barrels of oil and condensate and 215.19 trillion cubic feet of gas as of January 1, 2026, stressing that regulatory predictability, decarbonisation planning and gas commercialisation would be critical to keeping the country’s hydrocarbon assets competitive.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, also challenged stakeholders to demonstrate that the reforms introduced under the Petroleum Industry Act (PIA) 2021 were translating into tangible projects, production and investment.
Ekpo said legislation alone could not guarantee investor confidence, stressing that consistent implementation of government policies remained essential to convincing investors that Nigeria was committed to delivering on its commitments.
He cited the Federal Government’s Decade of Gas Initiative and major infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) and Obiafu Obrikom Oben (OB3) gas pipelines, as key components of efforts to expand domestic gas utilisation in power generation, manufacturing, fertiliser production and transportation.
The Minister also urged energy journalists to strengthen public understanding of the sector by reporting developments accurately and critically while highlighting investment opportunities and challenges.
The renewed focus on execution comes against the backdrop of growing investor interest in Nigeria’s hydrocarbons, with AECAF Chairman, John Ofikhenua, saying recent global disruptions had reinforced the strategic importance of oil and gas security.
Ofikhenua said the global debate appeared to be shifting from an exclusive focus on “energy transition” towards a broader “energy mix,” pointing to renewed interest in Nigerian crude and gas, the Dangote Petroleum Refinery and Petrochemicals IPO and NUPRC licensing rounds.
He traced the pressures on Nigeria’s oil industry over the past two decades to developments including the U.S. shale boom, the COVID-19 pandemic and growing net zero commitments, while noting that geopolitical disruptions had renewed attention on reliable sources of crude and gas.
He urged the Federal Government to sustain implementation of the PIA and strengthen security in the Niger Delta, identifying policy stability and a peaceful operating environment as critical to retaining investors and unlocking new production.
