New Telegraph

NNPCLTD: Nigeria To Increase Crude Oil Production To 3mb/d

Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Ltd), Mele Kyari, has said that Nigeria targets to increase crude oil production to 3 million barrels per day from the current production, which hovers around 1.6million bpd.

He also said it planned to include increasing the nation’s refining capacity to over 1m bpd. According to him, this involves expanding NNPCL Retail outlets to over 1,500 stations across sub-Saharan Africa. He spoke during the 2024 Women in Energy ,Oil and Gas (WEOG) Leadership Summit in Abuja yesterday. He stated that the oil company was working towards growing its renewable energy portfolio and optimising payment of dividends to shareholders. Meanwhile, the NNPC Retail Limited and Azikel Petroleum Limited Forge Strategic Partnership have signed Products and Purchase Agreement.

This is seen as being in a key development for the Nigerian petroleum industry. According to a post on NNPC Ltd C, the Managing Director of NNPC Retail Limited, Mr. Huub Stokman, and Chairman of Azikel Petroleum Limited, Dr. Eruani Azibapu, formally inked a Petroleum Products Sale and Purchase Agreement.

It explained that under the terms of this agreement, NNPC Retail Limited will procure petroleum products, including fuel and Automotive Gasoil (AGO), from Azikel Petroleum Limited’s 12,000 barrel per day hydro skimming refining complex situated in Obunagha, Gbarain, Yenagoa LGA, Bayelsa State, Nigeria.

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