The Federal Government is considering a major restructuring of the Nigerian National Petroleum Company Limited (NNPCL) to boost crude oil production and revitalise the oil and gas sector, according to the Special Adviser to the President on Energy, Olu Verheijen.
Speaking on Monday at the ongoing Nigerian Association of Petroleum Explorationists (NAPE) Conference in Lagos, Verheijen said the move aims to ensure energy security, sustainable development, and increased investor confidence.
She noted that achieving the administration’s target of three million barrels of oil per day would require “performance-based stewardship” and questioned NNPCL’s capacity to deliver meaningful production growth.
Nigeria’s crude output has hovered between 1.3 and 1.5 million barrels per day in the past two years, far below potential, according to OPEC data. Verheijen disclosed that NNPC Exploration & Production Limited (NEPL) currently produces only about 220,000 barrels daily—less than 10 percent of national output.
Expressing concern about NNPCL’s ability to fund and execute large-scale drilling campaigns, she said the era when international oil companies could shoulder the financial burden in joint ventures is over. She urged the government to consider restructuring asset ownership and bringing in technically competent, financially strong operators with proven governance standards.
“Revitalisation requires performance-based stewardship, not sentiment,” Verheijen said, emphasising that credible operators like Renaissance, Oando, Seplat, and Aiteo must lead bold, large-scale field developments to move production forward.
She also outlined a strategic framework anchored on four pillars — reserves, revenues, reliability, and responsibility — to guide Nigeria’s energy reform agenda.
Highlighting ongoing reforms, Verheijen said President Bola Tinubu’s administration has already unlocked over $8 billion in final investment decisions through projects such as Ubeta, Bonga North, and HI, with a clear path toward another $20 billion.
She added that Nigeria’s revenue drive goes beyond exports to include domestic value creation through gas-to-power projects, LPG and CNG expansion, and refining initiatives aimed at ending fuel import dependence and positioning Nigeria as a reliable regional supplier.
“The world is not standing still,” Verheijen cautioned. “Nigeria must move faster to attract exploration and production investments. Investors have choices — and they will go where capital can yield the best returns.”
