Federal Government has vowed to sustain its crude oil production above 1.5million barrel per day monthly average quota.
Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe disclosed this at the recent Project One Million Barrels Initiative.
In July, Nigeria’s average daily crude production rose to 1,507,000 barrels per day, according to a report by OPEC; this is a 7,000-barrel-per-day increase above the organisation’s quota for the country.
Komolafe in his comments said Nigeria is actively ramping up crude oil production by reactivating dormant fields, fast-tracking regulatory approvals, and enhancing operational efficiencies across the upstream value chain.
He maintained that the current administration had succeeded in raising oil (crude and condensate) from 1.4 mbpd to 1.7 mbpd.
Komolafe further stated that the recent increase in oil production by about 300,000 bpd confirmed the government’s efforts to achieve the ambitious 2mbpd oil output.
“With a clear target of increasing production from 1.46 million barrels per day to 2.5 million bpd by 2026, the initiative has already demonstrated strong momentum with current unreconciled daily production averaging 1.7–1.83 mbpd,” Komolafe stated.
SOURCE: thepointng.com
