The Nigerian National Petroleum Company Limited (NNPCL) has reaffirmed its commitment to increasing oil production to 2 million barrels per day (bpd) by 2027. This goal was announced by Group Chief Executive Officer Bayo Ojulari at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) in the United Arab Emirates. Ojulari emphasized the importance of partnerships and investments to address energy poverty in Africa.
According to Ojulari, Nigeria’s oil output has already increased to 1.7 million bpd, with a long-term target of 3 million bpd. This growth is driven by improved relationships with independent oil companies and the removal of legacy blockers. The company aims to attract $30-60 billion in fresh investment by 2030, working with the Organisation of Petroleum Exporting Countries (OPEC), African national oil companies, and financial institutions.
Ojulari highlighted the need for pragmatism, partnerships, and purpose in shaping Africa’s energy future. He emphasized Nigeria’s pivotal role in the continent’s energy landscape and the company’s focus on growing production, monetizing gas, and delivering value to stakeholders. The NNPCL’s commitment to working with international partners was reinforced, with Ojulari stating that “Nigeria is open for business” and inviting global investment in Africa’s energy transformation.
The company’s efforts to increase oil production and attract investment are supported by new government incentives, including the Petroleum Industry Act (PIA). These incentives are expected to attract capital for deep-water exploration, dry gas development, and cost reduction. As the energy landscape continues to evolve, the NNPCL’s commitment to shaping Africa’s energy future from an African perspective is seen as a significant step towards addressing energy poverty and promoting sustainable development on the continent.
The ADIPEC 2025 conference provides a platform for industry leaders to discuss the future of energy and the role of African countries in the global energy market. The NNPCL’s announcement is seen as a positive step towards increasing energy production and promoting economic growth in Nigeria and the wider region. As the company moves forward with its plans, it is likely to face challenges and opportunities in the ever-changing energy landscape.
