The Group Managing Director of the state-run Nigerian National Petroleum Company Limited, Malam Mele Kyari, has said that that Nigeria would ramp up oil production to 1.8 million barrels per day by the end of 2021, as against the 1.45 million BOPD in September.
In an interview with Bloomberg TV in Abu Dhabi, the United Arab Emirates (UAE), Kyari noted that in spite of this projection, Nigeria could easily attain its maximum crude oil production capacity of 2.5 million barrels per day with the combined production of crude and condensates.
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Kyari said: “It is obvious that by the close of the year we will get back to the 1.7m-1.8m barrels per day of crude only; as you may be aware, when we mention these figures, I am talking about crude oil only.”
He said that at the height of the COVID-19 pandemic, Nigeria shut down some of its wells and were yet to get back to their full production capacities.
Kyari, however, said the NNPC was assiduously working towards bringing the facilities back to optimal production before the end of the year.
The GMD further explained that the COVID-19 pandemic and the lack of clarity in the sector led to drought in investment in the Nigerian oil sector.
This situation, he said had been corrected with the newly enacted Petroleum Industry Act (PIA) 2021 which provided ample investment opportunities in the Nigerian Oil and Gas Industry.