NNPC Plans To Boost Oil Production By 100,000bpd

…Pushes AKK pipeline, deepwater assets for gas monetisation

BY NSE ANTHONY-UKO, Abuja  and CHIKA IZUORA, Lagos

Nigeria’s state oil giant, the Nigerian National Petroleum Company Limited (NNPC), is gearing up to boost production by around 100,000 barrels per day in the coming months, its CEO assured amid rising global demand pressures.

The company’s group chief executive officer (CEO), Bashir Bayo Ojulari, gave this assurance, citing the government’s ongoing reforms.

Ojulari also spotlighted the AKK Pipeline and deepwater assets as key drivers for gas monetisation during his address at CERAWeek 2026.

The country averaged about 1.6 million to 1.7 million barrels per day last year and is hoping to average 1.8 million bpd this year,  Ojulari told Reuters on the sidelines of the CERAWeek by S&P Global conference in Houston, when asked if Nigeria could help make up for the crude shortfall resulting from the U.S.-Israeli war on Iran.

“We are ‌building that capacity,” he said, though he added “we are not like Saudi (Arabia),” referring to the top OPEC member. “But we can contribute.”

During an onstage interview at the conference, Ojulari said NNPC completed a full portfolio review of its business last year and is beginning to implement changes this year. One focus is improving execution and ensuring projects are delivered on budget and on time, after previous delays, he said.

Also speaking on the opening day of the world’s premier energy gathering, held under the theme “Convergence and Competition: Energy, Technology and Geopolitics,” Ojulari told a global audience of energy leaders, including C-suite executives, energy secretaries and government ministers, that Nigeria’s strategy is grounded in realism, partnership, and disciplined delivery.

“Capital goes where value is clear, and Nigeria has that value,” he stated, setting the tone for a leadership dialogue that outlined a pragmatic approach to balancing the country’s immediate energy needs with its long-term transition ambitions.

The GCEO articulated NNPC’s core philosophy with characteristic clarity: “We are not choosing between today and tomorrow; we are funding the future with the present.”

At the fireside chat anchored by Dan Pratt, S&P Global’s senior vice president, Upstream Solutions, Ojulari explained that Africa remains dependent on hydrocarbons for revenue and foreign exchange, making sustained upstream production non-negotiable. Additionally, with over 600 trillion cubic feet of proven reserves, gas represents not merely a transition fuel but a strategic economic lever for industrialisation and energy security across the continent.

According to the GCEO, “Nigeria is the reliable destination for energy investment the world needs. The country has positioned itself as a dependable supplier, riding on established legacies of stable policies, improved energy infrastructure and security, partnerships, and, lastly, the government’s orientation. The President has given NNPC the autonomy to act on its behalf and consolidate commercial solutions that are long-lasting.”

“Balance is not about equal allocation; it is about optimal sequencing,” Ojulari stated, outlining a portfolio where oil sustains value today, gas underpins industrial growth, and transition investments are targeted and disciplined. He further highlighted the critical role of partnerships in de-risking Nigeria’s deepwater assets, noting that global players like Shell and Eni bring not only capital but also execution capability, technology, and project discipline—particularly for assets such as OPL 245 and other deepwater developments.

According to the oil executive, the Petroleum Industry Act (PIA) has now firmly established regulatory certainty, while infrastructure gaps are being closed through targeted investments and security is being strengthened through a more robust architecture. “When the fundamentals are right, partnerships scale naturally,” he added.

Addressing Nigeria’s long-discussed gas potential, the GCEO noted that what is different now is execution discipline. Three key enablers are receiving focused attention: commercial pricing across the value chain, critical infrastructure like the AKK (Ajaokuta-Kaduna-Kano) pipeline, and bankable contracts that provide investor certainty. On the balance between domestic gas needs and LNG exports, Engr. Ojulari described a dynamic approach of portfolio optimisation—allocating gas where it delivers the highest combined national and commercial value.

GCEO articulated a clear strategic shift, moving from resource ownership to resource monetisation.

He emphasised that unlocking Nigeria’s significant proven but undeveloped reserves requires commercial discipline, competitive fiscal frameworks, and strong partnerships. Deepwater remains a priority because it offers scale, it is less exposed to onshore challenges, and it attracts global capital.

CERAWeek 2026, hosted by S&P Global, runs from March 23–27 in Houston, Texas, bringing together over 10,000 global energy leaders, executives, and officials to explore the convergence of energy, technology, and geopolitics.