The Nigerian National Petroleum Company Limited (NNPC Ltd), Group Chief Executive Officer, Bayo Ojulari, on Thursday, said the company requires a minimum of $60 billion to have additional refining capacity of 500,000 barrels per day by 2030.
Mr Ojulari disclosed this while speaking during a courtesy visit of the leadership of the Nigeria Extractive Industries Transparency Initiative (NEITI) to the NNPC Towers on Thursday.
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He explained that the company was mandated to grow oil production to 3 million barrels per day by 2030 and increase gas production to a minimum of 20 billion cubic feet per day.
“In terms of our own aspirations, you saw the mandate we got from the president around when we were appointed, around growing oil production to 3 million barrels per day by 2030, growing gas production to a minimum of 20 billion cubic feet per day by 2020.
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“Our aspiration is to pitch that target on the gas. You’ve also noticed the refinery capacity where we are required to have additional refining capacity of 500,000 barrels per day by 2030. And to achieve that, we are required to bring in additional investment of a minimum of $60 billion,” Mr Ojulari said.
Speaking further, he said the NNPC is central to the overall gas development for Nigeria, with the Ajaokuta-Kaduna-Kano (AKK) pipeline as the major game changer that will impact the economy significantly, adding that the company’s gas and new business team is already engaging customers and off-takers to put in place the necessary structures that will drive growth beyond pipeline infrastructure.
“The focus is not only on the Ajaokuta-Kaduna-Kano gas pipeline, but also on enabling businesses to thrive through power generation, industrial parks, and Compressed Natural Gas (CNG) expansion projects that will spring up from the initiative,” he said.
He explained that the company is considering the expansion of the West African Gas Pipeline (WAGP) to Morocco, alongside new industrial parks, gas-to-power schemes and compressed natural gas projects to maximise value.
He said the NNPC Ltd will continue with its reforms to ensure development in the energy sector, adding that transparency and accountability remain at the heart of its operations.
He emphasised the company’s readiness to collaborate with NEITI, particularly in preparation for the upcoming 2024 oil and gas audit, while leveraging technology to strengthen data exchanges.
“You have my commitment to increase and deepen transparency and accountability. In terms of our full compliance with the NEITI principles and the EITI global standards, you have my full commitment. We will provide all the data required for the 2024 and 2025 audits in the most efficient manner.
“We are now restructuring and resourcing the compliance department to be able to do things more sustainably. I want to hold him personally accountable for compliance in this respect. We know that major transformations cannot be achieved without resistance.
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“We are determined to pursue this transformation. There will be bumpy rides, but we are not deterred because this journey is about Nigeria,” he said.
In his remarks, the Executive Secretary of NEITI, Ogbonnaya Orji, urged the leadership of NNPC Ltd to restore and sustain critical disclosures that earned the company global recognition as a reform leader.
“The NNPC’s past disclosures had boosted investor confidence and improved Nigeria’s global image. The company must sustain its leadership role in openness. The NNPC Ltd we dream of is one that competes shoulder-to-shoulder with Saudi Aramco, QatarEnergy, Petronas and other global players. This requires transparency, accountability, efficiency and civic engagement.
“Individuals may come and go, but NNPC Ltd must endure as a global energy giant. NNPC Ltd carries a huge responsibility as Nigeria’s national asset. It must be managed to win the trust of citizens, consolidate investors’ confidence, and safeguard the country’s reputation. Only then can it compete with energy giants like Aramco,” he said.
