The Nigerian government is considering restructuring the Nigerian National Petroleum Company Limited (NNPCL) to boost the country’s dwindling crude oil production. At the Nigerian Association of Petroleum Explorationists (NAPE) Conference in Lagos, Special Adviser to the President on Energy Olu Verheijen emphasized that achieving the daily production goal of 3 million barrels requires performance‑based stewardship and expressed doubts about NNPC’s capacity to deliver incremental growth.
Current production hovers around 1.4–1.5 million barrels per day, while NNPC E&P Limited contributes only 220,000 barrels—a figure that represents less than 10 % of national output. Verheijen questioned whether the state‑owned firm can fund and execute the drilling campaigns needed to increase production, noting that its joint‑venture partners can no longer carry the burden. She suggested that restructuring asset ownership and inviting credible operators with technical capacity, financial depth, and governance discipline could provide the necessary incremental growth.
Verheijen also outlined a broader framework for Nigeria’s energy sector, the “four R’s”: reserves, revenues, reliability, and responsibility. She stressed the need to rebuild reserves, generate revenue, ensure reliability, and take responsibility. The government has prioritized reforms to make Nigeria a destination of choice for investment, unlocking over $8 billion in final investment decisions within 18 months. The Tinubu administration is further focusing on domestic value creation by commercializing gas, expanding midstream infrastructure, and developing the industrial base.
Finally, Verheijen warned that the country must act quickly to attract investment, as the global energy landscape is moving forward and nations will not wait for others to catch up. With a clear line of sight to an additional $20 billion in investments, the government aims to position Nigeria as a reliable supplier of oil and gas to West Africa.
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