“3 Million Barrels Per Day”: NNPCL Shares Plan to Attract $60 Billion Investment, Grow Production

• The Nigerian National Petroleum Company (NNPC) Limited is rolling out a 5-year plan
• The phased plan will see crude oil production and refining increase over the years, reaching impressive levels by 2030
• The plans unveiled by the new NNPCL boss also extend to increasing gas production in Nigeria

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

The federal government plans to ramp up crude oil production seems to be on track as the newly-appointed Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, has shared his plans.

The comprehensive plan addresses key issues like attracting investment into the sector, up to $60 billion investments between now and 2030, as well as increasing daily crude production to 2 million barrels.

Speaking at a town hall meeting held at the NNPC Towers in Abuja, with stakeholders on Thursday, Ojulari gave the breakdown of these targets.

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Bayo Ojulari shared these targets at a town hall meeting held at NNPC Towers in Abuja on Thursday.

NNPC boss shares strategy

The NNPC boss, who was appointed weeks ago, explained that the plan is to attract up to $30 billion in investments into the sector by 2027, and raise the figure to $60 billion by 2030.

These investments would help raise crude oil production to 2 million barrels per day before 2027, and increase further to 3 million barrels per day by 2030.

According to Ojulari, NNPC plans also extend to increasing the refining capacity and output to 200,000 bpd by 2027, and up to 500,000 bpd by 2030.

NNPC to increase gas production, support transition

In the move to deepen energy access in Nigeria, NNPC will also be working to increase gas production to 10 billion cubic feet by 2027, and to 12 billion cubic feet by 2030.

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The NNPC GCEO noted that achieving this will require the company to restructure its business to include a robust performance management framework, create value by taking data-driven decisions, and build transparent value aligned relationships.

He said;

“The targets are not just metrics, but indicators of hope, jobs, industrial growth, and energy security for millions of Nigerians.”

He called for support from the staff, noting that the plan will require a collective drive to make NNPC profitable, transparent and accountable, as they lead Nigeria in the energy transformation journey.

He urged the staff to lead with integrity and act with urgency in bringing these targets to life.

Ojulari called on stakeholders,

“It’s time we tell our story—one of innovation, reform, and national pride.”

NNPC reduces fuel price

In related news, the Nigerian National Petroleum Company Limited (NNPCL) has slashed its petrol pump price to N910 per litre on Wednesday, April 16.

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This new price represents a N15 reduction from the previous pump price of N925 per litre, according to Legit.ng analysis.

The survey of filling stations shows that it is also lower than the N920 per litre offered at MRS, Ardova Plc and other filling stations.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng