The Nigerian National Petroleum Company Limited (NNPC Ltd.) says Nigeria remains on track to grow crude oil production to two million barrels per day (bpd) by 2027 and three million bpd by 2030.
Mr Udy Ntia, Executive Vice President, Upstream, NNPC Ltd., made this known on Monday at the ongoing 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
The News Agency of Nigeria (NAN) reports that ADIPEC, the world’s largest energy exhibition and conference, is being hosted by the Abu Dhabi National Oil Company (ADNOC).
The 41st edition, with the theme “Energy. Intelligence. Impact”, held from Nov. 3 to Nov. 6, brings together international, regional and local stakeholders across the energy, technology and finance sectors.
Speaking during the ADIPEC 2025 session “Beyond the Barrel: The Future of Upstream Strategy”, Ntia said its collaborative upstream growth plan was anchored on technology, efficiency and decarbonisation.
“Nigeria’s upstream sector is evolving through a mix of collaboration, co-investments and smarter capital deployment, rather than competition.
“It is not just about producing more oil; it is about producing better oil: more efficient, cleaner and more profitable,” he said.
“We have the capacity, and we are growing steadily while working together to reduce the strain of fossil fuels.”
Ntia outlined three key forces shaping the upstream landscape globally and in Nigeria: energy transition pressures, industry fragmentation and technological inflection points.
He said that innovation, particularly Artificial Intelligence (AI) and digital technologies, would drive efficiency gains and unlock value from mature fields.
“We are seeing technology as an enabler to get more from the ground, improve efficiency, and guide capital decisions. The goal is smarter investment, not just more spending,” he added.
On energy transition and decarbonisation, Ntia said that NNPC Ltd and its partners were committed to reducing emissions while maintaining responsible oil production.
He said that Africa contributed less than three per cent of global emissions, emphasising that “we can decarbonise and still produce responsibly.”
He cited ongoing initiatives such as monetisation and flare reduction through commercial partnerships and regulatory compliance.
He also listed major gas pipeline projects, including the Nigeria-Morocco Gas Pipeline and links to demand centres in western and northern Nigeria and refinery optimisation and development of hybrid partnerships for co-investment in upstream projects.
“Co-investment is the new round of financing. We are stepping in as co-investors to ensure projects are bankable and decisions are made quickly in a rapidly changing environment,” he said.
He emphasised a shift toward partnership-driven growth between National Oil Companies (NOCs) and International Oil Companies (IOCs), calling for collaboration over competition.
“IOCs are not grabbers; they are partners. We all share the same goal, which is profitability, sustainability and growth. The real question is how we can increase the size of the pie so that everyone wins,” he said.
Ntia reaffirmed that Nigeria’s upstream strategy balances energy security, profitability, and climate responsibility, ensuring the nation’s resources remain relevant in the global energy transition. (NAN)
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