The Presidency on Monday said that it is considering a restructure of asset ownership in the Nigerian National Petroleum Company Limited to increase dwindling crude oil production.
The Special Adviser to the President on Energy, Olu Verheijen, made this known on Monday at the ongoing Nigerian Association of Petroleum Explorationists (NAPE) Conference in Lagos.
She stressed that achieving the 3-million-barrel daily oil production goal requires performance-based stewardship even as she questioned NNPC’s capacity to deliver incremental growth.
The development comes amid concerns over low oil production. Crude oil production hovered around 1.3- 1.5 million barrels per day in the last two years, according to data from the Organization of the Petroleum Exporting Countries (OPEC).
Verheijen noted that restructuring the national oil company will revitalise Nigeria’s oil and gas sector and ensure energy security and sustainable development.