The Nigerian National Petroleum Company Limited says it is deploying artificial intelligence and advanced data analysis to lower operating costs as new investments boost confidence in Nigeria’s upstream oil sector.
At the Oloibiri Lecture and Energy Forum in Abuja, the company’s Group Chief Executive Officer, Bashir Bayo Ojulari, said industry reforms have attracted more than $24bn from two key projects, while another $10bn in potential deals is under consideration.
He noted that the growing investment pipeline signals renewed global interest in Nigeria’s oil and gas assets.
Ojulari, represented by the Executive Vice President, Upstream, Udobong Ntia, explained that beyond attracting capital, the company is prioritising digital transformation to improve efficiency and remain competitive.
According to him, decades of geological records, well logs, and seismic data, some dating back to Nigeria’s first commercial oil discovery remain underused and can be unlocked with AI tools.
He said proper analysis of this historic data can shorten project timelines, improve decision-making, and help Nigeria move closer to its goal of producing three million barrels of oil per day within the next few years.
The NNPC boss outlined a three-part strategy to reach the target. The first is safeguarding existing assets through improved maintenance and infrastructure reliability. The second involves accelerating output from mature fields using innovative financing and risk-sharing models. The third is a strategic review of NNPC’s asset portfolio to attract fresh investors and encourage greater indigenous participation.
Ojulari also credited the regulatory clarity introduced by the Petroleum Industry Act for resolving long-standing funding issues, particularly cash call arrears that once slowed joint venture operations. He added that recent executive directives have further strengthened investor confidence and helped delayed deepwater projects move closer to final investment decisions.
Also speaking at the forum, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria already has the technical capacity to transform its energy sector but must now focus on effective execution. He described the Petroleum Industry Act as a major turning point that has improved transparency and predictability for investors.
Ekpo stressed that increased oil production must go hand in hand with expanded gas development, noting that natural gas is key to industrial growth, power generation, and export diversification. He added that digital tools such as AI and automation can reduce downtime, improve safety, and enhance efficiency across the industry, provided policy stability is maintained.
Stakeholders at the event agreed that consistent regulation, disciplined execution, and technology adoption will be critical if Nigeria is to meet its production goals and remain competitive in the global energy market.
