Financial Energy Review
The Nigerian National Petroleum Company Limited (NNPCL) has unveiled plans to raise crude oil production from the current 1.6 million barrels per day to three million barrels per day (BPD).
The company revealed plans to increase Nigeria’s crude oil refining capacity to over one million barrels per day.
The NNPCL Group Chief Executive Officer, Mele Kyari Revealed this at the Strategic Women in Energy, Oil And Gas (WEOG) Leadership Summit held at Petroleum Technology Trust Fund (PTDF) auditorium in Abuja.
Themed “Investment in Women For Accelerated Progress,” the event saw WEOG Advocate for gender equity in the oil and gas sector, while honouring industry trailblazers.
Speaking at the event, the NNPCL boss said the national oil company plans to expand NNPCL retail outlets to over 1,500 stations across sub-Saharan Africa.
Kyari said in the period in sight, the state – owned company will grow its renewable energy portfolio and optimise payment of dividends to shareholders.
He said: “looking ahead to the next decade, we envision a Nigeria propelled by the oil and gas industry: monetization of our vast 203 tcf gas resources, increasing crude oil production to 3 mbpd, raising domestic refining capacity to over 1 mbpd, expanding our retail network to over 1,500 stations across sub-Saharan Africa, growing our renewable energy portfolio, and optimizing dividend pay-outs to our shareholders.”
He revealed that the goals are audacious and accomplishing them requires a multifaceted approach.
According to him, one of the most powerful strategies at the company’s disposal is investing in women.
Kyari said women constitute a substantial portion of Nigeria’s population and workforce, yet they remain underrepresented in the energy sector.
Kyari said, “as at q4 2023, women represented 18.6 per cent of our total workforce and 23.1 per cent of our leadership.
“This is largely attributed to the low level of participation in science, technology, engineering and mathematics fields which is the major channel for our work force in the oil and gas industry.
“Studies have also shown that at the middle of the technical talent pipeline (which is middle to senior management levels), there is lagging progress for women which is greatly impacted by the degree of flexibility of work.”
He said at NNPC, the company has evaluated the challenges faced by women across different levels of our workforce and taken additional steps to address those.
He added that NNPCL focuses on several key strategic initiatives.
According to him, from coaching and mentoring to ensure our managers are effective leaders, to unlocking the full potential of flexible work.
