The Nigerian National Petroleum Company Limited has announced a fresh plan to increase the nation’s crude oil output to two million barrels daily by 2027, as part of efforts to boost energy production and strengthen the country’s economy.
This development was disclosed at the Abu Dhabi International Petroleum Exhibition and Conference taking place in the United Arab Emirates.
Group Chief Executive Officer of NNPCL, Engr Bashir Ojulari, explained that the new production target is achievable through improved collaboration with international oil companies and local industry players. He said the company had taken steps to remove long standing barriers in the sector while ensuring shared value among partners. According to him, “Our focus is to grow production, deepen partnerships and deliver value to Nigerians and global partners alike.”
Ojulari further revealed that the company is working towards attracting between 30 billion dollars and 60 billion dollars in new investments into Nigeria’s oil and gas sector before 2030. He said the new capital injection would support deep water exploration, gas development and expansion of energy infrastructure across the country.
The NNPCL boss also highlighted several ongoing projects expected to boost the nation’s energy capacity, including the Ajaokuta Kaduna Kano gas pipeline and the Obiafu Obrikom Oben gas pipeline. He noted that government incentives now in place are encouraging fresh investments in the oil and gas industry beyond the Petroleum Industry Act.
He stressed the need for stronger global partnerships to tackle energy poverty in Africa, stating that Nigeria’s vast oil, gas and renewable energy resources place the country in a strategic position in the continent. “Africa’s energy future must be built on pragmatism, partnerships and purpose,” he said.
Ojulari assured stakeholders that under President Bola Tinubu’s Renewed Hope Agenda, efforts are ongoing to transform Nigeria into a diversified and investment driven energy hub. He added that Nigeria remains open for business and called on global investors to support Africa’s energy transformation for long term sustainability.