The Nigerian National Petroleum Company Limited (NNPC Ltd) is ramping up efforts to hit a daily crude oil production target of 1.9 million barrels by the end of 2025, according to its Group Chief Executive Officer, Bashir Bayo Ojulari.
Speaking during the inauguration of the NNPC Board at the State House, Ojulari told President Bola Tinubu that production had already climbed from 1.5 million to 1.7 million barrels per day within two months, and that momentum was in place to meet the year-end target.
“Production had risen to 1.7 million barrels in two months from 1.5 million barrels, with the target of reaching 1.9 million barrels by year-end,” Ojulari stated, according to presidential spokesperson Bayo Onanuga.
Ojulari also reiterated the company’s ambition to attract $60 billion in investments into Nigeria’s oil and gas sector by 2030, with an interim goal of $30 billion by 2027. “We will promise what we can deliver, and we will deliver on our promise,” he declared.
The NNPC boss emphasized ongoing optimization of operations, including the turnaround maintenance of refineries, and said the company had intensified stakeholder engagement. “We have commenced the journey with bi-weekly meetings with stakeholders,” he noted.
President Tinubu praised the selection of the new board and reaffirmed his confidence in their capability to consolidate the gains of economic reforms. “You represent the best in the industry… I believe you are among the best the industry can offer,” Tinubu said.
He added that Nigeria’s reforms have begun to yield results and urged the board to maintain momentum amid global economic volatility. “Nigeria has come of age. It is now more competitive and turning the corner,” the President added.
Minister of State for Petroleum, Heineken Lokpobiri, also expressed confidence in the NNPC team’s ability to deliver on its targets.
Ojulari had earlier pledged the $60 billion investment drive during a town hall with NNPC staff, shortly after assuming office in April, as part of a broader strategy to boost energy security and economic growth.
