Nigeria's NNPCL targets 2mn bpd output, $30bn–$60bn co-investment to accelerate upstream recovery

The Nigerian National Petroleum Company Limited (NNPCL) said crude oil production has reached about 1.7mn barrels per day (bpd). The upstream regulator said it targets 2mn bpd by 2027, while seeking between $30bn and $60bn in partnerships by 2030 to accelerate oil, gas, and infrastructure projects.

Nairametrics reported that Group Chief Executive Officer Bashir Ojulari told the ADIPEC 2025 conference that recent gains stem from “redefined” relationships with international oil companies and local independents, removal of legacy challenges, and a stronger focus on shared value. He said the plan is to reach 2mn bpd in the medium term 3mn bpd over the longer term.

NNPCL is building a broad investment coalition that includes OPEC partners, African national oil companies, and global financiers, with the aim of mobilising between $30bn and $60bn by the end of the decade. The funds would support projects in deep-water exploration, dry-gas development, and cost reduction in upstream operations. Ojulari said new government incentives, introduced under the Petroleum Industry Act, are already drawing investor interest.

Gas infrastructure remains central to the company’s expansion strategy. NNPCL cited the Ajaokuta–Kaduna–Kano (AKK) and Obiafu–Obrikom–Oben (OB3) pipelines as nearing completion, alongside initiatives promoting cleaner fuels through the Presidential CNG Initiative and an expanding autogas corridor. These measures aim to monetise domestic gas, reduce import dependence, and lower emissions intensity.

After years of underperformance, the state oil company is seeking to translate its production recovery into sustained investor confidence. Ojulari said NNPCL’s approach is built on pragmatism, partnerships, and purpose, inviting co-investment in Africa’s broader energy expansion, Nairametrics reported.