Presidency Eyes NNPC Shake-Up As Oil Output Falters
The Nigerian presidency is considering major reforms at the Nigerian National Petroleum Company Limited (NNPC) amid concerns over faltering oil production. Special Adviser on Energy, Olu Verheijen, announced at a petroleum conference in Lagos that Nigeria’s goal of producing 3 million barrels per day requires more than the current NNPC structure and output. NNPC Exploration & Production Limited currently produces only 220,000 barrels/day, less than 10% of national output, and struggles with the financial capacity to fund new drilling campaigns. Verheijen advocated for “performance-based stewardship” and suggested restructuring asset ownership to involve reputable operators with strong technical and financial capacity, instead of relying solely on NNPC. She outlined four pillars for revitalizing the energy sector: reserves, revenues, reliability, and responsibility. Nigeria has secured $8bn in new investment and targets another $20bn for expansion into gas, petrochemicals, and refining. NNPC Chairman […]