Raise oil output to 2.5m bpd by 2026, FG orders NNPCL
Nigerian National Petroleum Company Limited
The Federal Government on Wednesday directed the management of the Nigerian National Petroleum Company Ltd. To increase oil production beyond current levels by the end of the year.
The Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, said this in an interview with the News Agency of Nigeria at the Africa Energy Forum in Houston, Texas, U.S.
Lokpobiri emphasised the need for accelerated growth in the nation’s oil output.
NAN reports that the forum, organised by ACME Multech Services Nigeria, has the theme “Africa’s Energy Investment Drive Amid Global Transition to Green Minerals and Clean Energy”.
The minister revealed that although President Bola Tinubu had initially tasked the NNPCL with ramping up production to two million barrels per day\, but later increased the target to 2.5 million bpd.
“When the new NNPCL management visited me, I raised their production target from the President’s initial goal of two million bpd to 2.5 million bpd,” he said.
Lokpobiri expressed optimism that the revised target was achievable.
He cited past production levels during the COVID-19 pandemic, when output reached 2.5 million bpd in spite of minimal investment.
”The 2.5 million bpd target is realistic because the government is addressing the key bottlenecks that have hindered oil production,” he noted.
He highlighted that for over a decade, the oil and gas sector had seen little to no new investment.
According to him, recent reforms by President Bola Tinubu are reversing that trend.
He added that the ongoing efforts to combat pipeline vandalism and oil theft were also beginning to yield results.
The minister said that when he assumed office, Nigeria was producing around one million bpd, noting that the figure had risen to 1.8 million bpd.
Lokpobiri explained that the full implementation of the “Drill or Drop” policy under the Petroleum Industry Act (PIA), which mandates that for every quantity of oil extracted, allows new drilling be carried out to replenish reserves through seismic activity.