The Federal Government is making arrangements to increase the daily oil production from 1.4 million barrels per day (bpd) to four million bpd, Checkout Magazine learnt.
President Muhammadu Buhari hinted at ongoing plans to achieve this on Monday.
Nigeria, which has daily capacity to produce 2.5 barrels, produces 1.4 million barrels due to the Organisation of Oil Producing Countries (OPEC) quota.
Speaking at the 4th Edition of the Nigeria International Petroleum Summit in Abuja on Monday, the President also reiterated the government’s determination to build up the nation’s crude oil reserves to 40 billion barrels.
He was represented by Minister of State for Petroleum Resources, Chief Timipre Sylva.
He said: “The ambitious goal of ramping up crude oil production to at least 4.0 million barrels per day and building a reserve of 40 billion barrels remains sacrosanct and guiding principle to our overall outlook for the industry, creating the conducive business environment for hydrocarbon industry to thrive, is no longer a choice. It is a necessity.”
Similarly, the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari cost will shape the future of the oil industry.
Kyari said the COVID-19 pandemic had shown that only the best of producers would survive, noting that cost-control had become a major issue in the industry.
