Pius Akinyelure, Chairman of the newly inaugurated board and management team of the Nigerian National Petroleum Company Limited (NNPCL), has unveiled an ambitious production target of 2 million barrels per day (BPD) by the year 2024.
Akinyelure stated this after President Bola Tinubu inaugurated the 11-member board and management team for the Nigerian National Petroleum Company Limited (NNPCL), charging them with a focus on profitability, increased production, and robust governance in the oil and gas sector.
Following the inauguration at the Presidential Villa, President Tinubu underscored the importance of the newly appointed members’ roles, stressing that their positions were not for mere “cake sharing” but required dedicated and exceptional performance.
Addressing State House correspondents post-inauguration, Akinyelure sets an ambitious production target of two million barrels per day by 2024 for the NNPCL.
Akinyelure stressed the significant challenges facing Nigeria’s oil and gas industry and called for comprehensive measures to address these issues.
“Our commitment is to produce at a rate of two million barrels per day, possibly from next year. However, achieving this goal necessitates a complete overhaul of our security architecture to combat oil theft and pipeline vandalism,” Akinyelure stated.
“The challenges of oil theft and pipeline vandalism remain significant hurdles. To bolster our cash flow and industry performance, we must address these issues by revamping our security measures.”
Moreover, Akinyelure outlined the aspiration for the NNPCL to become a leading force in Africa’s oil industry and vie with global oil and gas corporations, expressing awareness of the formidable task ahead.
President Tinubu’s call for a critical review of the Petroleum Industry Act and the acknowledgement of the Niger Delta’s critical role in oil production aligns with the government’s efforts to enhance governance and inclusivity within the sector.
The inauguration signals a pivotal moment for Nigeria’s oil and gas industry, with heightened expectations for the new NNPCL board and management team to spearhead transformational efforts and propel the nation’s petroleum sector towards greater productivity and success.
