Indigenous Oil Companies Bet On Supporting Nigeria’s 3m Production Target

With International Oil Companies (IOCs) exiting key onshore and shallow water assets, indigenous oil companies are advancing their capacity to support the country’s ambitious production growth.

The chairman of the Independent Petroleum Producer Group (IPPG)  Abdulrazaq Isa, said that with the conclusion of IOC divestments, full implementation of the Petroleum Industry Act (PIA), and fresh leadership across the sector, the industry now stands at a critical turning point.

“The ball is now firmly in our court,” he declared, urging industry stakeholders to align with the President’s production target of 3 million barrels of oil and 12 billion cubic feet of gas per day by 2030.

Isa, in his industry keynote address at the 2025 NOG Energy Week, also hailed the significant progress made in Nigeria’s oil and gas sector since the inauguration of the current administration in 2023.

Reflecting on the sector’s journey, Isa applauded the administration’s responsiveness to the industry’s reform wish-list, noting that “most of the industry requests have been delivered,” a development he described as “unprecedented.”

He credited this success to President Bola Ahmed Tinubu’s commitment to reform, particularly the strategic transformation of the Nigerian National Petroleum Company Limited (NNPCL) into a commercially driven national oil company.

The IPPG Chairman commended President Tinubu for appointing a technically competent leadership team at the NNPCL, including the group chief executive officer, Engr. Bayo Bashir Ojulari.

Isa emphasised that with the conclusion of IOC divestments, full implementation of the Petroleum Industry Act (PIA), and fresh leadership across the sector, the industry now stands at a critical turning point. “The ball is now firmly in our court,” he declared, urging industry stakeholders to align with the President’s production target of 3 million barrels of oil and 12 billion cubic feet of gas per day by 2030.

He noted that the recently divested onshore and shallow water assets, largely held by IPPG members, would play a central role in achieving these targets. He outlined a call to action for indigenous producers, emphasising the need for structural reforms, increased investment, community engagement, infrastructure expansion, and strengthened collaboration across the sector.

“We must become catalysts for economic transformation, attract strategic investment, and operate with the highest level of social responsibility and governance,” Isa stated.

In a major announcement, Isa revealed that group chief executive officer of Aradel Holdings, Adegbite Falade, has been appointed as the next chairman of the Board of Trustees and Governance Council of IPPG.

“Falade will no doubt build on our legacy and lead IPPG to greater heights,” Isa said.

The effective date of Falade’s appointment is to coincide with IPPG’s 10th Year Anniversary Celebration scheduled for September 11, 2025.