The Nigerian National Petroleum Company Limited (NNPC) has warned that Nigeria’s untapped oil reserves are of little value unless they are actively developed. Speaking at the 50th anniversary of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, Group CEO Bashir Bayo Ojulari emphasized the urgency of turning crude in the ground into production.

Ojulari, represented at the event by NNPC’s Executive Vice-President, Upstream, Udobong Ntia, noted that roughly 220 oil blocks across the country remain unused, but upcoming licensing rounds by the Nigerian Upstream Petroleum Regulatory Commission aim to bring these resources into play.

“Our reserves only become valuable when extracted and monetized. We have had enough oil in the ground for years; it’s time to convert it into revenue,” he said. He also stressed that attracting investment requires a business-friendly environment and clear returns for investors.

Ojulari highlighted the need to balance energy growth with environmental responsibility. “We can grow our energy sector while addressing climate change. Sustainability must guide our strategies for the next 50 years,” he added.

Echoing this, NAPE President Johnbosco Uche pointed to Nigeria’s enormous natural gas potential, exceeding 600 trillion cubic feet, as a key driver for industrialization, energy security, and cleaner growth. Uche urged deliberate exploration, investment in data, and the use of modern technologies like AI to fully harness these resources.

He also called for building the next generation of petroleum professionals through structured mentorship, internships, and training programs, proposing new Centres of Excellence for Petroleum Studies in the North and South.

Both NNPC and NAPE leaders expressed optimism as global investment returns to the sector, with inflows hitting $800 billion last year, signaling opportunities for Nigeria to increase production, create jobs, and secure a sustainable energy future.