The Nigerian National Petroleum Corporation (NNPC) has revealed that the country is now producing as much as 2.1 million barrels of oil per day.
Speaking at the 2017 Nigeria oil and gas conference and exhibition, Makainti Baru, general managing director of the NNPC, said the ongoing negotiations with stakeholders in the Niger Delta is responsible for the surge.
“Crude production has steadily increased to 2.1m b/d due to some strategic dialogue efforts embarked upon by the federal government in the Niger Delta,” Baru said.
In his keynote address titled “Outlining NNPC’s Commercial Strategy and Priorities’, Baru said “industry challenges have subjected NNPC to seek for alternative but optimal commercial strategies to meet stakeholder expectations”.
“The resolution of cash call arrears will increase the confidence of JV Operators and therefore trigger more investment in new projects.
“To enhance profitability in our business, we’ve developed d 12 business focus areas in line with the seven big wins to grow the industry.”
Two weeks ago, Ibe Kachikwu, minister of state for petroleum resources, said Nigeria’s oil production had risen to two million barrels per day, as Africa’s largest producer.
“In some weeks, we will be able to progress to 2.2 million bpd, which is the target of the (2017) budget,” Kachikwu had said.
In 2016, oil production in Nigeria fell below 1.5 million per day, aiding Nigeria’s journey into a recession, following a massive drop in revenue, rising inflation and subsequent unemployment.
Copyright 2017 TheCable. Permission to use quotations from this article is granted subject to appropriate credit being given to www.thecable.ng as the source.