The newly appointed board and management team of the Nigerian National Petroleum Company Ltd. (NNPCL) have announced a bold commitment to ramp up crude oil production, targeting an impressive two million barrels daily starting in 2024.
Chief Pius Akinyelure, the Non-Executive Board Chairman, made this announcement following the inauguration of the board by President Bola Tinubu.
During a briefing with State House Correspondents, Akinyelure outlined the board’s comprehensive vision, emphasizing their dedication to transforming the fortunes of Nigeria’s oil and gas industry.
“We have just concluded our inauguration ceremony with Mr. President, and we have assured him of our collective efforts to turn around the fortunes of oil and gas,” said Akinyelure. “Our commitment is to produce at the rate of two million barrels per day anytime next year.”
Acknowledging the challenges posed by oil theft and pipeline vandalism, Akinyelure outlined plans to overhaul the security architecture of NNPCL. This strategic move aims to reduce incidents of stealing and vandalism, ensuring a more secure operational environment.
“We know we have the challenge of oil theft vandalizing our pipelines. Our commitment is to produce at the rate of two million barrels per day next year. But to do this, we have to overhaul our security architecture,” he added.
President Tinubu expressed his support for the new board, emphasizing the importance of their role in propelling Nigeria’s oil and gas industry to greater heights. The President’s endorsement comes as part of a broader initiative to revitalize the sector.
The recent appointments align with the provisions of Section 59(2) of the Petroleum Industry Act, 2021. Key figures in the new board include Chief Pius Akinyelure as Non-Executive Board Chairman, Malam Mele Kolo Kyari as Group Chief Executive Officer, and Alhaji Umar Isa Ajiya as Chief Financial Officer.
The NNPCL’s ambitious production target sets the stage for a transformative period in Nigeria’s energy landscape, with a focus on enhancing economic prosperity and securing the nation’s energy future.