The Nigerian Presidency has indicated plans to restructure asset ownership within the Nigerian National Petroleum Company Limited (NNPC) following growing concerns about declining oil production levels.
Special Adviser to the President on Energy, Olu Verheijen, disclosed this on Monday at the ongoing Nigerian Association of Petroleum Explorationists Conference in Lagos. She said the administration is pursuing reforms to boost Nigeria’s daily oil output to three million barrels and strengthen the nation’s energy security.
Verheijen questioned NNPC’s ability to meet production targets, noting that NNPC Exploration and Production Limited (NEPL) currently produces only 220,000 barrels per day—less than 10 percent of Nigeria’s total output. She warned that the company may lack the financial and technical capacity to execute major drilling campaigns required for significant growth.
She said, “We must have the courage to restructure asset ownership and invite credible operators with the technical capacity, financial depth, and governance discipline. Revitalisation requires performance-based stewardship, not sentiment.”
Verheijen added that the current joint venture model no longer supports NNPC the way international oil companies once did, stressing the need for a new ownership and management approach. She also introduced a framework she called the “four R’s”—reserves, revenues, reliability, and responsibility—as guiding principles for Nigeria’s oil and gas reforms.
On investment, she noted that under President Bola Tinubu’s leadership since 2023, Nigeria has unlocked over $8 billion in final investment decisions and is on track for another $20 billion in new projects. She said, “We’re commercialising gas through long-term agreements, expanding infrastructure, and building a value chain that turns stranded resources into bankable assets.”
She further explained that the administration’s reforms aim to drive domestic value creation, reduce fuel import dependence, and position Nigeria as a reliable energy supplier across West Africa.
NNPC Chairman, Ahmadu Kida, affirmed the company’s vision to become Africa’s leading energy company within five years. “When Nigerians hear NNPC Limited, they should feel pride, just as they would when our national team scores a goal,” he said.
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