The Nigerian National Petroleum Company Limited (NNPCL) has reaffirmed its commitment to achieving a 2 million barrels per day (bpd) crude oil production target by 2027, as part of a broader drive to tackle Africa’s energy poverty through strong global partnerships and investments.
Group Chief Executive Officer of NNPCL, Bayo Ojulari, made this known on Tuesday during the Energy Talk session of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2025, held in Abu Dhabi, United Arab Emirates.
Speaking with the session’s host, Daniel Yergin, a Pulitzer Prize-winning energy author, Ojulari emphasized Nigeria’s pivotal role in Africa’s energy landscape, describing NNPCL as the “linchpin” of the continent’s energy sufficiency drive.
Ojulari disclosed that Nigeria’s current production has climbed to 1.7 million barrels per day, with targets set for 2 million bpd by 2027 and 3 million bpd in the long term. He attributed the growth to renewed relationships with International Oil Companies (IOCs) and independent operators, removing “legacy blockers” and building shared-value partnerships.
He further revealed that NNPCL plans to attract between $30 billion and $60 billion in new investments by 2030, through collaboration with OPEC peers, African National Oil Companies (NOCs), and international financial institutions.
According to him, recent government incentives beyond the Petroleum Industry Act (PIA) have started pulling in capital for deep-water exploration, gas development, and cost optimization.
“Africa’s energy future must be built on pragmatism, partnerships, and purpose,” Ojulari said.
“At NNPCL, we are not just participating in the energy transition — we are shaping it from an African perspective.
Our focus is pragmatic: grow production, monetize gas, deepen partnerships, and deliver value to Nigerians and global partners alike.”
He added that NNPCL remains open for collaboration, inviting global investors to co-invest in Nigeria’s growing energy opportunities.
“Nigeria is open for business, and NNPCL Limited is fit for the future,” he declared.
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