By Ayomide Otitoju
NNPC Exploration and Production Limited (NEPL), a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL), has announced plans to increase its daily crude oil production from 370,000 barrels to 550,000 barrels by 2027.
Speaking at the Nigeria International Energy Summit (NIES) in Abuja, NEPL Managing Director Nicolas Foucart stated that achieving this target would require an average investment of $4 billion annually over the next five years.
“In terms of oil production, our goal is to grow from this year’s target of 373,000 barrels per day to 550,000 barrels per day within the next three to four years. We currently operate 65% of that production,” Foucart said.
Additionally, the company aims to increase gas production from 1.4 billion cubic feet (bcf) per day to 3 bcf within the same period.
Foucart acknowledged that funding remains a major challenge but assured that NEPL has a clear strategy for sustainable production, cost optimization, decarbonization, and investment in human resources. He emphasized that the company would reinvest its profits rather than distribute dividends, while also securing external financing.
“We need about $4 billion per year in investments over the next five years, covering both operational and capital expenditures. The funds will come from our profits as well as external sources,” he added.
NEPL is focused on strengthening its upstream operations, distinct from NNPC Upstream Investment Management Services (NUIMS), which oversees joint ventures, production sharing contracts, and service contracts.
The planned production boost aligns with Nigeria’s broader efforts to maximize oil and gas output, reduce dependency on imports, and attract investment into the energy sector.
