By YANGE IKYAA
The Group Managing Director and Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has said that Nigeria will increase oil production to 1.8 million barrels per day (mbpd) by year end as compared to the September figure of between 1.4 and 1.5mbpd.
Kyari stated this at the Abu Dhabi International Petroleum Exhibition & Conference (ADPEC) 2021, stressing further that Nigeria can easily attain its maximum capacity of 2.5bpd for the combined production of crude oil and condensate.
This planned production increase to 1.8mbpd from the current 1.4mbpd will amount to a growth of about 400,000mbpd within the period under review.
Nigeria was forced to shut down some of its oil wells at the height of the Covid-19 pandemic and the national oil company is yet to get to its full production capacity ever since. However, NNPC is said to be working very hard in bringing the facilities to optimal production before the end of 2021.
Apart from the pandemic, lack of clarity in the sector also led to draught in investment in the Nigerian oil and gas sector, but the situation has been assuaged through the newly signed Petroleum Industry Act (20-21) that experts say will provide ample investment opportunities in the Nigerian oil and gas industry.
According to Kyari, “We are at the threshold of history, our country has changed, and our industry has changed because we have a new legislation that has brought clarity on how we do our business and a much more competitive fiscal environment and much more modern regulatory environment. We are seeing the outcome of all these coming up.
“Our partners are coming in to invest particularly in the deep-water, very clearly that is happening now. There are also efforts going on to bring back production that we have lost and we are very excited for our country.”
Technology, he said, is a big driver in the oil industry and clients expect this aspect to be implemented.
His words: “NNPC is at the basic level ensuring that its systems and processes are automated. It will make use of all the technology available to boost the industry. Good enough for our country we are standing on ground zero in most sub-Saharan African countries and therefore carbon production systems will now be based on the technology that is available and clearly the emission will be quite low current circumstances.”