FG planning to increase oil production with one million barrels per day
The Federal Government (FG) has announced plans to increase oil production by one million barrels per day in the next 12 to 24 months.
The government, which made the announcement through Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said that the initiative was with a view to enhancing the country’s energy output and contributing to economic growth.
It also seeks to boost current oil production capacity from 1.6 million to 2.6 million barrels per day by 2026.
The Chief Executive Officer, Gbenga Komolafe, disclosed this in Abuja on Monday during the third anniversary of the commission’s establishment.
Komolafe who called for all stakeholders support, said that the project which embodied industry-wide collaboration, was initiated to provide solutions that would engender additional oil production in both the short and medium terms.
“The implementation of the plan, called the ‘Project One Million Barrels Increase of Oil Per Day Initiative’, is to be launched today by His Excellency,” he said.
“The project is an industry collaborative initiative aimed at creating solutions to unlock incremental oil production in the short to medium term, with expanded opportunities for all industry stakeholder groups,” he said.
“We see value for all producers, service providers, rig owners, financiers and crude oil off-takers, among others,” he added.
“Our actions here today will be pivotal to production sustainability, energy security, and economic resilience, all in the overall national interest.
“As we look intently to the future, I call on all of us, our partners, investors, and stakeholders to join hands with the government on this journey.”
The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, who expressed reservations against the current target, stated that it was inadeuate and should be increased to 2.5 million barrels per day.
Nigeria has been struggling to meet the 1.5 million barrels per day quota set by the Organisation of Petroleum Exporting Countries (OPEC).
Therefore, the latest target indicates that the country is on course to achieve an oil production level of 4 million barrels per day and gas production of 10 billion cubic feet by 2030.
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