The Presidency explored changes in asset ownership at the Nigerian National Petroleum Company Limited (NNPC) to raise falling crude oil output. Special Adviser to the President on Energy, Olu Verheijen, shared this idea on November 10, 2025, at the Nigerian Association of Petroleum Explorationists Conference in Lagos.
Verheijen explained that restructuring the national oil firm would energize the oil and gas industry, secure energy supplies, and promote lasting growth. She pointed to the target of three million barrels per day, which demands strong management based on results. She questioned the ability of NNPC to achieve extra production.
Data from the Organization of the Petroleum Exporting Countries showed crude output stayed between 1.3 and 1.5 million barrels daily over the past two years. Verheijen revealed that NNPC E&P Limited produced only 220,000 barrels each day, roughly ten percent of total national output.She doubted NNPC could finance and carry out the drilling programs required to lift figures.
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Joint venture partners no longer support NNPC as international oil companies did onshore in the past. Verheijen urged bold steps to rearrange ownership and welcome operators with technical skills, financial strength, and solid governance. She insisted revitalization needs performance focus over emotion.
Verheijen introduced a framework called the four R’s: reserves, revenues, reliability, and responsibility. On reserves, she described rebuilding exploration chances with clear policies since 2023 under President Tinubu. She warned Nigeria must act quickly to draw funds, as global options abound for investors.It bears mentioning that the administration prioritized reforms to make the country appealing for capital.
In eighteen months, it secured over eight billion dollars in final investment decisions via projects like Ubeta, Bonga North, and HI, with twenty billion more in view. Efforts commercialize gas through long-term agreements, expand midstream assets, and create domestic value in power, fuels, chemicals, and refining.
