Reforms add 600,000 barrels per day to Nigerian output
By the AFREEQUE newsroom, based on Punch
Reforms in Nigeria’s oil sector have increased production by 600,000 barrels per day, from about 1.2 million to 1.8 million barrels per day, according to Nigerian National Petroleum Company Limited. Its chief executive Bashir Ojulari is now targeting two million barrels per day, Punch reports.
Nigeria’s daily crude oil production has risen from about 1.2 million to 1.8 million barrels, an increase of 600,000 barrels, according to state oil company Nigerian National Petroleum Company Limited (NNPC). Its chief executive, Bashir Ojulari, attributed the increase to sector reforms, improved investment conditions and cooperation with industry partners at an energy conference in Abu Dhabi on Tuesday.
NNPC is targeting production of two million barrels per day by 2027. Ojulari said this target depended on protecting existing operations, maintaining infrastructure and delivering new projects. He described the current level of 1.8 million barrels per day as a milestone, not an endpoint.
The company also attributes the increase to the implementation of the Petroleum Industry Act. Nigeria is seeking to attract more international investment in its energy sector after several years of declining production, linked in particular to oil theft, pipeline sabotage, a lack of investment and operational disruptions. The country has struggled to regularly reach its production quota set by the Organisation of the Petroleum Exporting Countries (OPEC), according to Punch.
The increase comes after Nigeria was described as at risk of missing its 2030 oil target on 28 October (Nigeria’s 2030 oil target).
