NNPC Seeks $60B Investment for 500,000bpd Refining by 2030

The Nigerian National Petroleum Corporation Limited (NNPCL) is seeking a $60 billion investment to increase refining capacity to 500,000 barrels per day by 2030. The NEITI's Ojulari highlighted the company's efforts to boost crude oil production to 3 million barrels per day.

Despite the current non-functionality of the Kaduna, Port Harcourt, and Warri refineries, NNPC aims to attract significant investments for expansion. Ojulari emphasized the importance of additional refining capacity to drive Nigeria's economy.

The company is also focusing on gas projects and infrastructure development to achieve its goals. The investment target is substantial, aiming to transform the oil and gas sector significantly.