NNPC Boss' Reforms Yield Historic Crude Oil Production Milestone
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has achieved a historic milestone in crude oil production under the leadership of its Chief Executive Officer, Mr Bayo Ojulari. According to the NNPC Ltd.'s upstream subsidiary, the company has recorded a daily crude oil production level of 355,000 barrels, the highest in 36 years. This achievement surpasses the levels last recorded in 1989 and has significantly strengthened national output performance and enhanced foreign exchange earnings.
The People's Wellbeing Association (PWA) has commended Ojulari for his leadership and commitment to transparency and commercial discipline. Despite facing opposition from "greedy oil thieves", Ojulari has remained steadfast in his efforts to reform the company. Under his leadership, NNPC Ltd. has also reinstated monthly operational and financial performance reports, a move that has improved transparency and accountability.
The company's upstream subsidiary has also introduced modern Delegation of Authority (DoA) and Delegation of Financial Authority (DoFA) frameworks, which have improved decision-making efficiency and internal governance standards. Governance reforms were further strengthened through the creation of Chief Compliance and Chief Sustainability offices.
NNPC Ltd. is now overhauling its refinery rehabilitation strategy, moving away from contractor-led models toward partnerships with established global refinery operators. This new strategy aims to attract partners who will acquire equity stakes and have a direct financial incentive to deliver efficiency and reliability.
The NNPC Ltd.'s historic crude oil production milestone is a testament to the effectiveness of Bayo Ojulari's leadership and reforms. This achievement not only boosts national output performance and foreign exchange earnings but also sets a new standard for the company's upstream operations.
