The group executive of Nigerian National Petroleum Corporation Ltd (NNPCL), Sr. Mele Kyari, has announced that Nigeria’s oil industry has the capacity to reach a daily production of 2 million barrels of oil. During the opening of Energy Week, the Nigerian Oil and Gas Energy, Oil and Gas Week in Abuja, Kyari 2024 in Abuja, Kyari stressed that achieving this goal requires only minimal effort.
NNPC seeks to double oil barrel production in Nigeria
Despite the government’s attempts to combat oil theft and vandalism of oil pipelines, the government has pipelines Nigeria’s current production has remained depressed at 1.46 million barrels per day. Kyari, determined to change this situation, stressed the company’s willingness to collaborate with its partners, although he also mentioned the possibility of moving forward without them if necessary.
Kyari also stated that oil and gas production has been well below capacity. According to him, the recent assessment of production data by asset showed that Nigeria could reach 2 million barrels per day without implementing the big measures that have been talked about, such as adding an additional 700,000 barrels or restoring the 200,000 from divestments.
In his speech, Kyari also attributed the lack of sustainability in production to several factors, including oil theft and lack of prompt action by all partners, including NNPC. However, he assured that measures are being taken to address these problems and declared a state of emergency in oil production in Nigeria, pledging to act decisively and without delay. and declared a state of emergency in oil production in Nigeria, pledging to act decisively and without delay.
Strategies for economic development in Nigeria
Key areas of focus include finalizing all outstanding divestment transactions with IOC, resolving issues related to deepwater development, adopting a national value retention strategy, and developing Nigeria’s gas resources to drive economic growth and support decarbonization.
On their part, Nigeria’s Minister of Petroleum Resources (oil), Senator Heineken Lokpobiri and Minister of Petroleum Resources (gas), Ekperikpe Ekpo, reaffirmed the government’s commitment to increasing oil and gas production in the country. Lokpobiri noted that Nigeria’s economic well-being, both in the short and long term, depends on increased production to meet domestic demand and export crude oil and gas to earn foreign exchange.
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Source: ogv.energy
Photo: Shutterstock
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