NNPCL Aims to Hit Two Million Barrels/Day in Crude Oil Output by 2024

The Nigerian National Petroleum Company Limited (NNPCL) unveiled its ambitious plan on Monday to achieve a daily crude oil production of two million barrels by the year 2024. This strategic initiative aims to significantly enhance the current daily production of 1.67 million barrels of oil and condensates, positioning Nigeria to meet the targeted two million barrels per day set by the Organization of the Petroleum Exporting Countries (OPEC).

Mr. Pius Akinyelure, the Chairperson of the NNPCL Board, revealed the company's commitment to reaching the 2 million barrels per day milestone starting from the next year. The announcement came after the board's inauguration by President Bola Tinubu at the Council Chamber of the State House in Abuja. However, Akinyelure acknowledged the challenges associated with achieving this goal, highlighting the need for a comprehensive overhaul of Nigeria's security architecture to address issues such as pipeline vandalism and oil theft.

While acknowledging the complexities of the task at hand, Akinyelure emphasized the urgency of addressing security concerns, stating, " The task is indeed daunting, but we are fully aware that we must confront the issues of oil theft and the destruction of our pipelines." He emphasized the necessity of restructuring the security framework to mitigate incidents of theft and pipeline vandalization, which in turn would contribute to increased cash flow and national prosperity.

Nigeria has long grappled with the issue of oil theft, resulting in substantial economic losses and environmental degradation. A Senate inquiry in November 2022 revealed that the country lost at least $2 billion to oil theft in that year alone, with only 66% of the oil production effectively guaranteed. The remaining 33% was adversely affected by theft and lost production due to easy third-party access on land terrain.

Akinyelure expressed the board's aspiration to position NNPCL as a leading player globally, stating, "To become number one in Africa and probably competing with leading oil and gas companies around the world." He recognized the importance of overcoming challenges and implementing effective measures to achieve this vision.

Dr. Eunice Thomas, the only female member on the board, outlined the broader vision beyond increased oil production. She stated that the board is committed to transitioning Nigeria from fossil fuels to more sustainable and greener forms of energy. Thomas asserted, "We will provide power for the people of Nigeria; we will industrialize the energy and transit from fossil fuel to more sustainable green energy."

Reflecting on the inauguration of the board, Thomas expressed gratitude to President Bola Tinubu for the appointment, acknowledging the challenges and expectations associated with the role. She highlighted the collaboration between the board and NNPCL management, pledging to work together to enhance productivity, improve the economy, and promote environmental sustainability.

The newly inaugurated board members include Umar Ajiya as Chief Financial Officer, Ledum Mitee, Mr. Musa Tumsa, and Mr. Ghali Muhammad as Non-Executive Directors, along with Prof. Mustapha Aliyu, Mr. David Ogbodo, and Ms. Eunice Thomas as additional Non-Executive Directors. The diverse composition of the board reflects a commitment to steering NNPCL toward a future that not only meets production targets but also aligns with global trends toward sustainable and environmentally friendly energy sources.