The Nigerian National Petroleum Company Limited (NNPCL) revealed its ambitious plans on Monday to achieve a daily production of two million barrels of crude oil by 2024. This target, if realized, would significantly surpass the current daily production of 1.67 million barrels of oil and condensates. The objective aligns with the set target of two million barrels per day by the Organisation of Petroleum Exporting Countries (OPEC).

Mr. Pius Akinyelure, Chairperson of the NNPCL Board, announced the company’s commitment to reaching the 2 million bpd milestone, stating, “Our commitment is to produce at a rate of 2 million barrels per day, anytime from next year.” However, he acknowledged the challenges associated with this goal, particularly the need to address issues such as pipeline vandalism and oil theft through an overhaul of Nigeria’s security architecture.

Addressing the persistent issue of oil theft, Akinyelure emphasized the importance of improving security measures to reduce incidents of stealing and pipeline vandalization. He acknowledged the magnitude of the task, recognizing that it would contribute to building up the nation’s cash flow and ultimately making Nigeria a more prosperous nation.

Nigeria has grappled with oil theft for decades, resulting in substantial economic losses and environmental damage. A Senate inquiry in 2022 revealed that Nigeria lost at least $2 billion to oil theft that year, with only 66% of the country’s oil production effectively guaranteed.

Despite the challenges, Akinyelure expressed the board’s vision to position NNPCL as a leading entity in the oil and gas sector, aiming to become the top player in Africa and compete with global industry leaders.

Dr. Eunice Thomas, the only female member on the board, emphasized a broader perspective for NNPCL. She mentioned the board’s commitment to transitioning Nigeria from fossil fuels to greener forms of energy, stating, “We will provide power for the people of Nigeria; we will industrialize the energy and transit from fossil fuel to more sustainable green energy.”

The newly inaugurated board includes key members such as Umar Ajiya as Chief Financial Officer, Ledum Mitee, Musa Tumsa, and Ghali Muhammad as Non-Executive Directors, along with Prof. Mustapha Aliyu, David Ogbodo, and Ms. Eunice Thomas serving as additional Non-Executive Directors.

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