NNPC Exploration and Production Limited (NEPL), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC), has said it requires about $4 billion investment annually to boost Nigeria’s crude oil and gas production in the next five years.
A quick computation of the figure announced by the NEPL showed that by 2030, the company will need a funding of circa $20 billion in capital and operating expenditures to effectively carry out its activities.
The company also stated that aside from its over 370,000 bpd drilling target for 2025, it intends to raise this figure to 550,000 bpd by the end of 2027, a period of about three years.
Speaking on a panel in Abuja at the just concluded Nigeria International Energy Summit (NIES), the Managing Director of NEPL, Nicolas Foucart, noted that during the same period the NNPC E&P company will raise gas production to 3 billion cubic feet (bcf).
