The Nigerian National Petroleum Company Limited has expressed confidence in its ability to boost crude oil production from 1.7 million barrels per day to three million.
This was disclosed by the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, during a stakeholders’ engagement session with journalists covering the National Assembly on Saturday, according to The Punch.
He attributed the potential for increased oil production to the political will shown by President Bola Tinubu.
He has directed security agencies to intensify efforts against oil theft and pipeline vandalism, which are significant challenges for the industry.
These measures aim to enhance security and operational stability, facilitating the growth of production levels.
According to Soneye, recent efforts to combat oil theft and improve security have resulted in an increase in daily oil production from 1.4 million to 1.7 million barrels.
“Three million barrels of oil production per day is achievable in Nigeria if all stakeholders work in synergy—from government and private security agencies to oil companies and host communities,” Soneye stated.
He emphasized that a collaborative effort against oil theft and pipeline vandalism could foster an enabling environment, allowing for optimal oil production levels of 2.5 to 3 million barrels per day.
Soneye highlighted that oil production had once fallen to 900,000 barrels per day, underscoring the vital role of private security agencies and renewed military efforts in tackling the challenges of oil theft and vandalism.
“At that time, we felt Nigeria was in trouble regarding oil theft, but the intensified fight against it has alleviated our concerns,” he said.
During the session, the Deputy Manager at the NNPC Command and Control Centre, Murtala Muhammad, presented a PowerPoint on the ongoing issue of crude oil theft and its economic impact on Nigeria.
He reported the detection and destruction of over 8,000 illegal refineries and 5,800 illegal oil pipeline connections in the past six months.
Bayelsa, Rivers, Imo, and Abia have been identified as hotspots for this criminal activity, highlighting the ongoing challenges in securing Nigeria’s oil infrastructure.
