The administration of President Bola Tinubu has shifted its focus in the upstream petroleum sector from resource discoveries to project execution, increased production and industrial development, according to the Special Adviser to the President on Oil and Gas, Olu Arowolo Verheijen.
Verheijen disclosed this while delivering a keynote address at the 44th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE 2026), held at Eko Hotels and Suites, Lagos, on 9 November.
In her address, titled From Energy Recovery to National Renewal, she said Nigeria must move beyond its vast hydrocarbon resources to deliver sustained production, higher government revenue and broader economic development.
She explained that the Tinubu administration was tackling fiscal, regulatory and institutional challenges that had historically delayed the development of oil and gas projects.
Citing the IMA gas field, Verheijen noted that the project, discovered in 1973, only reached Final Investment Decision (FID) in September 2026, more than five decades after its discovery.
She said the delay illustrated how institutional uncertainty, lengthy contracting processes, uncompetitive project economics and unreliable markets had prevented Nigeria from fully converting its natural resources into economic value.
According to her, the administration is implementing coordinated reforms involving government ministries, regulators, the Nigerian National Petroleum Company Limited (NNPC), operators and other industry stakeholders to address these challenges.
She added that the reforms were designed to ensure fiscal incentives encourage production, safeguard government revenue and support commercially viable investments.
Verheijen also highlighted the Final Investment Decisions reached by the Ubeta and Bonga North projects in 2024, alongside the IMA project in September 2026, describing the milestones as evidence of progress in translating policy reforms into actual project development.
She stressed the need to sustain the momentum through timely project delivery, improved production from existing assets and accelerated replenishment of Nigeria’s national reserves.
Addressing the conference theme, Unlocking More Barrels: Driving Reserves Growth through Exploration, Local Capabilities, and Adaptive Technology, the presidential aide identified exploration, indigenous technical capacity and technology adoption as critical to the future of the petroleum industry.
She said Nigeria must continuously discover, appraise and develop new resources to sustain production growth, while making better use of geological data, reservoir understanding, infill drilling and enhanced recovery techniques.
On local content, Verheijen said the growing participation of indigenous producers offered opportunities to expand onshore and shallow-water development. However, she emphasised the importance of technical expertise, sound corporate governance and responsible asset management.
She maintained that local content development must go beyond participation figures to building globally competitive Nigerian engineers, fabrication companies, technology providers and service businesses.
The presidential aide also identified advanced seismic interpretation, reservoir modelling, digital monitoring, methane measurement and artificial intelligence as technologies that could improve exploration outcomes, reduce operational costs and strengthen safety.
Linking upstream recovery to national economic development, she said oil and gas should be treated as interconnected components of Nigeria’s broader energy and industrial strategy.
While oil production remains important for export earnings, foreign exchange generation and government revenue, she noted that gas offers opportunities for electricity generation, manufacturing, agricultural processing and export-oriented industries.
However, she stressed that sustainable gas development would require resolving outstanding debts across the electricity value chain, improving metering, strengthening revenue collection and ensuring reliable payments to gas suppliers.
Verheijen further said Nigeria must improve its competitiveness in the global energy market through predictable regulations, credible fiscal policies, better infrastructure, efficient project execution and reliable commercial arrangements.
She urged industry stakeholders to ensure that energy-sector reforms deliver tangible benefits, including industrial growth, employment opportunities, technology transfer and increased public revenue.
Identifying reserves, revenues, reliability and responsibility as key performance indicators, she said Nigeria’s energy development should not be measured solely by the volume of oil produced, gas delivered or projects completed, but also by the economic opportunities created for citizens.
The conference brought together industry stakeholders to examine strategies for expanding Nigeria’s hydrocarbon reserves through exploration, indigenous capabilities and technological innovation.
