NNPC New Management Sets Ambitious Investment, Production Targets by 2030

• NNPC Limited has a new management team that will be led by the new Group Chief Executive Officer (GCEO), Bayo Ojulari
• The oil company has now set an ambitious investment target, and also crude oil production by 2030
• Ojulari has pledged structural reforms, employee empowerment, and partnerships to drive transparency

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends

The Nigerian National Petroleum Company (NNPC) Limited's new leadership has unveiled ambitious plans to transform the nation's energy landscape and drive economic growth.

At a recent town hall meeting held at the NNPC Tower in Abuja, Bayo Ojulari, the newly appointed Group Chief Executive Officer, outlined strategic targets that underscore the company's vision for the next decade.

Ojulari announced that NNPC aims to attract $30 billion in sectoral investments by 2027, with a subsequent increase to $60 billion by 2030.

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These investments are poised to bolster Nigeria's oil and gas sector, enhancing production capabilities and infrastructure development.

NNPC ambitious

Central to NNPC's strategic roadmap is the goal to increase crude oil production to over 2 million barrels per day by 2027, and further escalate to 3 million barrels per day by 2030. Concurrently, the company plans to expand its refining capacity to 200,000 barrels per day by 2027, and ambitiously reach 500,000 barrels per day by 2030.

In a statement by Olufemi Soneye, NNPC's Chief Corporate Communications Officer, Ojulari emphasised the imperative of enhancing gas production, targeting 10 billion cubic feet per day by 2027, and scaling up to 12 billion cubic feet per day by 2030.

These efforts align with NNPC's commitment to ensuring energy access and affordability across Nigeria.

To achieve these milestones, NNPC will undergo structural reconfiguration to enhance agility and value creation.

The company plans to conduct independent value assessments to guide data-driven decisions, enforce a robust performance management framework, and foster transparent, value-aligned partnerships with stakeholders.

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Ojulari underscored the importance of NNPC taking control of its narrative, positioning itself as a catalyst for innovation and national pride in Nigeria's energy sector, BusinessDay reports.

Ojulari shares plans for NNPC

Addressing NNPC staff, Ojulari expressed gratitude for the opportunity to lead the organization, describing NNPC as pivotal to Nigeria's economic future.

He urged employees to take pride in NNPC's ongoing transformation and emphasized the importance of transparency, profitability, and accountability as the company transitions into a fully-fledged limited liability entity Leadership reports.

Ojulari pledged to cultivate an environment where both seasoned professionals and young talent can thrive, fostering collaboration and trust across all levels of the organisation.

He emphasised the role of integrity, urgency, and excellence in achieving NNPC's strategic objectives, highlighting that employee empowerment is integral to the company's success.

Mr. Ojulari affirmed:

"We recognize that our greatest asset is our people. Together, we will build a high-performing, globally competitive NNPC Limited that is proudly Nigerian and world-class."

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FG gives 47 refinery licences

Ealier, Legit.ng reported that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued 47 refinery licences in one year.

The chief executive of NMDPRA, Farouk Ahmed, said the licences include 47 LTE and 30 LTC facilities.

He said the combined capacity of the refineries is about three million barrels per day and is aimed at ensuring energy security.

Source: Legit.ng