Nigeria’s crude oil production is nearing 1.7 million barrels per day, as reported by Mele Kyari, the Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL).
Kyari highlighted that the current production figure represents a significant increase from the 1.28 million barrels recorded in April. He made these remarks during an engagement between the Nigerian Association of Petroleum Explorationists and the NNPCL in Lagos over the weekend.
While acknowledging the progress, Kyari emphasized that challenges such as oil theft and vandalism continue to impede production growth. He underscored the importance of addressing insecurity in the oil and gas sector to enhance production levels.
According to Kyari, combating security challenges is essential for boosting investor confidence and ensuring the efficient delivery of crude oil to the market. He noted that significant efforts have been made to address illegal connections and refineries along pipelines, but more action is needed to restore stability.
Kyari also mentioned the prevalence of barging as an alternative means of transporting oil due to pipeline vandalism, which has led to increased costs. He emphasized that while barging and trucking are not ideal solutions, they have become necessary in the current circumstances.
Despite the challenges, Kyari expressed optimism about ongoing government initiatives aimed at tackling insecurity in the oil sector. He refrained from disclosing specific details but indicated confidence in the progress being made to address the issues.