NNPCL Declares 3mbpd Oil Production Potential Realistic

NNPCL Declares 3mbpd Oil Production Potential Realistic

The Nigerian National Petroleum Company Limited (NNPCL) has asserted that it is feasible to boost crude oil production from the current level of 1.7 million barrels per day to three million barrels. This announcement was made by Chief Corporate Communications Officer Olufemi Soneye during a stakeholders’ engagement session with journalists at the National Assembly on Saturday……CONTINUE READING 

Soneye credited this potential increase to the political will demonstrated by President Bola Tinubu, who has directed relevant security agencies to take action against oil theft and pipeline vandalism. He noted that these measures have already led to an increase in daily oil production from 1.4 million to 1.7 million barrels.

“Achieving three million barrels of oil production per day is possible in Nigeria if all stakeholders work collaboratively—from government and private security agencies to oil companies and host communities,” Soneye stated. He emphasized that a united effort against oil theft and vandalism could create a conducive environment for optimal production levels of between 2.5 and 3 million barrels per day.

Soneye highlighted that oil production had once fallen to as low as 900,000 barrels per day, underscoring the critical contributions of private security firms and renewed military efforts in tackling this challenge. “At that time, we were deeply concerned about oil theft, but the intensified actions taken have alleviated those worries,” he said.

During the session, Murtala Muhammad, Deputy Manager at the NNPC Command and Control Centre, presented a report detailing the ongoing issues surrounding crude oil theft and its economic repercussions for Nigeria. He revealed that over 8,000 illegal refineries and 5,800 illegal oil pipeline connections had been discovered and dismantled in the past six months, with Bayelsa, Rivers, Imo, and Abia identified as hotspots for these illegal activities.

In a separate presentation titled “Balancing Reporting and Nation Building: The Role of the National Assembly Press Corps,” Professor Taiye Obateru stressed the importance of fairness and national interest in journalistic practices.