…projects 2mbpd oil production by 2030
By Sofiyyah Layole
NNPC Limited has unveiled a $60 billion investment plan for the upstream, midstream and downstream value chain.
The announcement was contained in a press release issued by the Company on Monday.
According to the notice, the company reported a Profit After Tax (PAT) of ₦5.4 trillion for the 2024 financial year, reflecting a strong performance for the energy company.
Revenue for the year also rose to ₦45.1 trillion, driven by improved operational efficiency and stronger market conditions.
The Company also reported a 64 percent growth in profit compared to the previous year, with Earnings Per Share (EPS) rising to ₦27.07.
Commenting, the Group CEO of NNPC Ltd, Bashir Bayo Ojulari, said the results highlight the progress of the Company’s ongoing transformation and demonstrate its commitment to delivering long-term value.
He noted that the performance aligns with President Bola Ahmed Tinubu’s mandate to strengthen Nigeria’s energy security and enhance sector wide competitiveness.
In addition to the financial results, NNPC Limited unveiled a strategic roadmap designed to sustain growth through 2030.
Under this roadmap, crude oil production is projected to increase to two million barrels per day by 2027 and three million barrels per day by 2030, while natural gas output is expected to rise to 10 billion standard cubic feet per day by 2027 and 12 billion by 2030.
The Company also restated its commitment to completing major gas infrastructure projects, including the Ajaokuta–Kaduna–Kano (AKK) pipeline, the Escravos–Lagos Pipeline System (ELPS) expansion and the Obiafu–Obrikom–Oben (OB3) pipeline. These projects, it said, will help boost domestic supply, support industrial development and improve regional energy integration.
Ojulari added that transparency, innovation and disciplined capital allocation will remain central to the Company’s strategy as it positions itself as a globally competitive energy player.
He assured stakeholders that NNPC Limited will continue to pursue sustainable returns while advancing Nigeria’s broader energy transition goals.