NNPC Limited has held talks with Nembe Exploration and Production Company Limited, an indigenous firm operating the Oil Mining Lease, OML 29, formerly Aiteo Eastern E&P Limited, about increasing output from the joint venture the two companies operate.
The repositioning for improved production strategy between the joint venture partners was a subject of discussion when the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari received the Group Managing Director of Nembe Exploration and Production Company Limited, Mr. Victor Okoronkwo, at the NNPC Towers, Abuja recently.
The discussions centred on current production on OML 29 and the work required to lift volumes. Nembe E&P is the operator of OML 29, the largest onshore block in Sub-Saharan Africa with an area extent of 990 sq. km.
Mr. Victor Okoronkwo, who was recently at the sidelines of the NOG Energy Week 2026, disclosed that the company is ambitiously targeting a production capacity of 200,000 barrels per day, which is above the current 150,000 bpd and 250 million standard cubic feet per day of gas.
He explained that these targets would be enabled by a cluster-based development model, a new CPF (Central Processing Facility), and optimized pipeline and flare-out solutions, repositioning the company as a gas-first upstream powerhouse with climate-aware infrastructure planning.
“Alongside this, the company is scaling workovers, deploying 17 new wells, and operationalizing its CPF by Q3 2025—all while implementing a comprehensive gas monetization and ESG compliance program in line with Nigeria’s Net Zero targets. As global capital increasingly favours cleaner molecules, Nembe’s strategy could serve as a regional blueprint for low-carbon, high-impact growth,” Okoronkwo said.
“We are building Africa’s next great energy company—decarbonized, de-risked, and indigenously led. Our targets are bold, but so is our belief in Nigeria’s future,” He added.
Nembe E&P (formerly Aiteo) acquired OML 29, an onshore oil and gas block in the southeastern Niger Delta, from Shell for $1.7 billion in 2015. Covering 983 square kilometers, contains 11 fields, namely Nembe, Santa Barbara, and Okoroba, and produces crude of the grade christened Nembe crude, transported through the Nembe Creek Trunk Line (NCTL).
