The Nigerian National Petroleum Company Limited (NNPC) has set an ambitious target to boost the country’s crude oil production to two million barrels per day by the end of 2024. This announcement follows a notable increase in daily production, which rose from 1.27 million barrels in June to 1.6 million barrels in July, as reported by the Nigerian Upstream Petroleum Regulatory Commission.
During a meeting with maritime stakeholders at the Nigerian Navy Headquarters on Tuesday, Mele Kyari, Group Managing Director of NNPC, expressed strong optimism about achieving the target. Represented by Folorunsho Karim, Managing Director of Pipeline NNPC, Kyari emphasized the company’s commitment to meeting the production goal.
Kyari acknowledged the ongoing efforts of security agencies and the Nigerian Navy in combating oil theft and pipeline vandalism, which have historically impacted production levels. He highlighted the importance of continued collaboration with these agencies to ensure the security and efficiency of oil operations.
In his address, Kyari underscored the critical role of security forces in maintaining the integrity of oil infrastructure. “The target is to increase production to two million barrels by the end of the year, and we are fully committed to doing that. I appreciate the support of the Nigerian Navy in making this possible,” he said.
Production Targets and Industry Impact
The increase in crude oil production aligns with Nigeria’s broader goals to enhance its oil sector’s performance and contribute more significantly to global oil markets. Achieving the two million barrels per day target would mark a significant milestone for the NNPC and Nigeria’s oil industry, potentially boosting revenue and strengthening the country’s position in the global energy landscape.
As NNPC works towards its production goal, the company will focus on addressing challenges related to security and infrastructure. Continued collaboration with security agencies and investment in technology and maintenance will be key to reaching and sustaining the targeted production levels.
The oil industry and stakeholders will be closely watching NNPC’s progress as it navigates the complexities of increasing production amid ongoing security and operational challenges.
