The Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, has told President Bola Tinubu that the company is targeting 1.9 million barrels per day of crude oil production by the end of the year.
Ojulari’s target was contained in a statement by the Special Adviser to the President (Information & Strategy), Bayo Onanuga, on May 22, 2025, during the inauguration of the NNPC Limited Board at the State House on Thursday in Abuja.
Ojulari was quoted as saying the NNPCL team had already met with industry stakeholders to review operations and business relationships, and that crude oil production is on course to hit 1.9 million barrels per day.
He stressed, “Production had risen to 1.7 million barrels in two months from 1.5 million barrels, with the target of reaching 1.9 million barrels by year-end.”
Turnaround Maintenance
According to the statement, Ojulari noted that management had started optimizing various aspects of the company, including the turnaround maintenance of the refineries.
“We will promise what we can deliver, and we will deliver on our promise,” he added.
- Ojulari highlighted that the President’s economic reform had sent the right signals to attract foreign direct investments.
“We have had several meetings, and we have set a direction with the mandate that you have given us. We have commenced the journey with bi-weekly meetings with stakeholders,” he said.
- He assured the government that NNPC Ltd would operate as a business.
- On his part, the Minister of State for Petroleum, Heineken Lokpobiri, told the President that the NNPCL team is capable of delivering.
More Insights
In his remarks, the President said he selected the board members painstakingly to ensure quality leadership.
- He urged the new NNPC board to consolidate the gains of the ongoing economic reforms, which, according to him, have attracted commendations for the resilience and competitiveness of the Nigerian economy.
“When I started searching, it took a while to come up with the kind of character that you represent. You represent the best in the industry, and I have set goals for you.
“You have the reputation, resourcefulness, and experience to help the country. It is a call to duty for you.
“I believe you are among the best the industry can offer,” he said.
- President Tinubu said the ongoing economic reforms have yielded results, with local and international acknowledgments.
“Nigeria has come of age. It is now more competitive and turning the corner, and with your highly respected team, I can relax and attend to other issues. Thank you for accepting the opportunity to serve your country and our dear nation,” the President stated.
- President Tinubu told the Board that the volatility in the world’s economy requires looking inward for solutions.
What you should know
On April 18, 2025, Bashir Ojulari pledged to attract a staggering $60 billion in investments into Nigeria’s oil and gas sector by 2030, with a near-term milestone of $30 billion by 2027.
This ambitious target forms part of a sweeping transformation agenda aimed at scaling up crude oil production and enhancing the energy landscape of Africa’s largest economy.
The News Agency of Nigeria (NAN) reports that Ojulari made this commitment during a town hall meeting with NNPC Ltd. staff in Abuja, shortly after assuming office.
