NNPC Exploration and Production Limited (NEPL) aims to boost oil output to 550,000 BPD by 2027 from 370,000 in 2025.The company needs $4B annually to expand Nigeria’s oil and gas production, totaling $20B by 2030.Managing Director Nicolas Foucart said NEPL also plans to raise gas production to 3 BCF during this period.NEPL’s upstream activities differ from NNPC’s NUIMS, which oversees JVs, PSCs, and SCs.Managing Director Nicolas Foucart emphasized funding challenges but outlined a strategy focused on sustainability, cost optimization, and decarbonization.
NEPL aims to grow oil and condensate production from 373,000 BPD in 2025 to 550,000 BPD in 3–4 years, operating 65% of output.Gas production is set to rise from 1.4 BCF to nearly 3 BCF, with NEPL operating 50%.NEPL plans to invest $4B annually over the next five years, funding operations through profits and external financing.
Managing Director Nicolas Foucart said NEPL secures funds via financing entities and technical service partnerships while ensuring shareholder support.Instead of paying dividends, NEPL may reinvest profits to sustain projects with strong business cases and value.NEPL focuses on project sustainability by addressing past underperformance through a transformation program with 15 key enablers.
A dedicated office oversees initiatives like maintenance integrity, pipeline upgrades, well interventions, and process optimization to boost efficiency.NEPL is shifting to long-term planning, using rigs across assets.Production rose 30% in 12 months, from 244,000 to 310,000 BPD, targeting 370,000 BPD in 2025.
