01 March 2017, Sweetcrude, Abuja – 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 ongoing Nigeria Oil and Gas (NOG) Conference and Exhibition, taking place in Abuja, the Group Managing Director of the NNPC, Dr. Makainti Baru, 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.”
He added that, “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 12 business focus areas in line with the seven big wins to grow the industry.”
Two weeks ago, the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, 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.