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Cabinet officials

President Tinubu Inaugurates New NNPC Board Members with Ambitious Oil Production Targets

Strategic Insights

— 1 min read

President Bola Ahmed Tinubu has taken a significant step in repositioning the Nigerian National Petroleum Company (NNPCL) Limited by inaugurating a new 11-man board, led by Eng. Bashir Bayo Ojulari as Group CEO and Ahmadu Musa Kida as non-Executive chairman. The new board members have been tasked with raising oil production to 2 million barrels daily by 2027 and 3 million daily by 2030, as well as increasing gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030. The new board's immediate action plan includes a strategic portfolio review of NNPC-operated assets to ensure alignment with value maximisation objectives.

Key Takeaways:

  • The new 11-man board of NNPC Limited, inaugurated by President Tinubu, will be led by Eng. Bashir Bayo Ojulari as Group CEO and Ahmadu Musa Kida as non-Executive chairman.
  • The board members have been tasked with raising oil production to 2 million barrels daily by 2027 and 3 million daily by 2030.
  • Gas production is targeted to increase to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
  • The board's immediate action plan includes a strategic portfolio review of NNPC-operated assets to ensure alignment with value maximisation objectives.
  • President Tinubu expects the new board to elevate NNPC's share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.
  • The new board chairman, Ahmadu Musa Kida, has a background in civil engineering and petroleum engineering, with experience working in the oil industry.
  • Ojulari, the NNPC Group CEO, comes from a background in renewable energy and has expertise in leading consortiums in major energy deals.

Statistics:

  • The new board of NNPC Limited has been tasked with raising oil production to 2 million barrels daily by 2027.
  • Oil production is expected to reach 3 million daily by 2030.
  • Gas production is targeted to increase to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
  • NNPC's share of crude oil refining output is expected to be elevated to 200,000 barrels by 2027 and reach 500,000 by 2030.
  • Ahmadu Musa Kida has a degree in civil engineering from Ahmadu Bello University, Zaria (1984), and a postgraduate diploma in petroleum engineering from Institut Francaise du Petrol (IFP) in Paris.

Sources:

  • (Voice of Nigeria), "President Tinubu Inaugurates New NNPC Board Members, Sets Ambitious Oil Production Targets"

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