Despite harsh criticisms, the Nigerian National Petroleum Company Limited (NNPCL) has made significant strides under the leadership of Group Chief Executive Mele Kyari, improving Nigeria’s daily crude production by as much as 60,000 barrels per day.
Slowly and steadily, Kyari is steering NNPCL towards achieving its Organisation of Petroleum Exporting Countries (OPEC) quota, increasing monthly oil production from a low of 900,000 barrels in late 2022 to 1.53 million barrels per day, including condensates, by July 2024, according to data from the upstream regulator.
Contrary to the prevalent narrative of missed deadlines and setbacks, Kyari’s NNPCL has broken a decades-long inability to release yearly Annual Financial Statements (AFS), earning praise from several industry operators. Ademola Adeyemi-Bero, Founder and CEO of First E&P, recently acknowledged Kyari’s pivotal role in rescuing his company from financial difficulties to deliver the 60,000 barrels of oil per day (bod) Madu-Anyala fields. These fields, located in oil mining leases (OMLs) 83 and 85 offshore central Niger Delta, were purchased from Chevron in 2015.
Adeyemi-Bero recounted how First E&P was in dire need of $725 million to develop the Anyala and Madu fields. Initially, a multinational oilfield services company had agreed to finance the joint venture but later withdrew due to a change in policy. At this critical juncture, NNPCL stepped in to fund the project 100 percent, an unprecedented move. The NNPC’s support extended beyond funding, allowing First E&P freedom in contracting, thereby enabling them to continue their operations successfully.
Joshua Oke, an oil and gas enthusiast, lauded Kyari for his transparency and accountability through the Transparency, Accountability, and Performance Excellence (TAPE) initiative. Since assuming office in 2019, Kyari has published audited financial statements, made monthly financial and operations reports publicly available, and spearheaded the rehabilitation of refineries. Despite these achievements, Kyari faces opposition from detractors motivated by envy and a desire to undermine his reputation.
When Kyari took over as GMD of NNPCL on July 7, 2019, he inherited a corporation beset by low production, rampant vandalism of oil pipelines, large-scale oil theft, and demoralised staff. Yet, his leadership has brought about significant reforms and improvements in Nigeria’s oil and gas sector, demonstrating his commitment to the nation’s economic stability and growth.
