The federal government yesterday admitted that the country’s oil production level has remained sub-optimal for now, stating that it expects to fully meet its Organisation of Petroleum Exporting Countries (OPEC) quota by the end of 2022.
The Minister of State, Petroleum Resources, Mr Timipre Sylva, said this during a briefing in Abuja yesterday, to announce the country’s expectations during the upcoming Nigeria International Energy Summit (NIES) scheduled to commence next week.
The ceremony is a federal government official energy industry event, hosted by the ministry of petroleum resources and all its parastatals, including the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Content Development and Monitoring Board (NCDMB).
Other co-hosts include: The Nigerian Upstream Petroleum Regulatory Commission (NURPC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Petroleum Technology Development Fund (PTDF) and the Petroleum Training Institute (PTI).
The minister reiterated that Nigeria as a country is not always happy when oil prices go up, but noted that the key industry players were doing everything to ramp up production.
Stating that the summit may not boost oil production in the short term, Sylva assured that once Nigeria’s production issues are fixed and the country begins refining its own products, then it will begin to fully enjoy high oil prices.
