The Nigerian National Petroleum Company Limited (NNPCL) says it is ramping up efforts to raise the country’s oil production capacity to 2 million barrels per day (bpd) by 2027, as current output rises to 1.63 million bpd.
Speaking at the 9th OPEC International Seminar in Vienna, NNPCL Group Chief Executive Officer, Bashir Bayo Ojulari, stated this on Thursday.
He also highlighted plans to grow gas production from 7 billion cubic feet per day to 10 billion cubic feet by 2027.
Ojulari stated that Nigeria’s high operating costs of $25–$30 per barrel stem from years of security-related investments, but explained that pipeline availability has now reached 100% due to improved surveillance and community involvement.
“As part of our production growth plans, we aim to increase oil production capacity to 2 million barrels per day and expand gas output from 7 billion to 10 billion cubic feet per day by 2027, with further growth expected beyond that.
“The growth has already begun. Around March this year, we produced about 1.56 million barrels per day. We’re now at approximately 1.63 million, including condensates, and we’re hoping to reach 1.9 million barrels per day by the end of the year,” the statement read in part.
He supported OPEC’s move to bring more oil into the market faster, calling it a smart step to keep supply and demand balanced despite ongoing global tensions.
The GCEO noted that the global energy demand remains strong due to slower-than-expected progress in renewables and delayed investments during the energy transition.
Ojulari acknowledged that results have been mixed, citing challenges related to ageing infrastructure and outdated technology. He revealed that NNPCL is reviewing its refinery strategy, with options such as partial or full divestment under consideration.
The Executive also called for fairer access to global energy financing. He accused the Global North of “weaponizing finance” against Africa under the guise of climate policies and stressed the urgent need to address energy poverty across the continent.
He highlighted that using high-emission fuels like wood and charcoal poses serious health risks, especially for women and children, and stressed the need for fairer global energy partnerships.
Beyond current output gains, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Bashir Bayo Ojulari, stated in February 2025 that the company plans to attract $60 billion in oil and gas investments by 2030 with a mid-term target of $30 billion by 2027, according to a report by Naijaonpoint.
It would be recalled that in February 2025, Nigeria’s Special Adviser on Energy, Olu Verheijen, announced a target to increase daily crude oil and condensate production to 2.7 million barrels by 2027.