Nigeria Aims to Boost Crude Oil Production to 3 Million Barrels per Day

In a bid to boost its economy, the Nigerian National Petroleum Company Limited (NNPCL) has declared its intention to increase its crude oil production to 3 million barrels per day. Currently, the country’s production stands at 1.7 million barrels per day. The Chief Corporate Communications Officer of NNPCL, Mr. Olufemi Soneye, made this declaration during a Stakeholders Engagement Session with Senate correspondents in Abuja today.

Soneye emphasized that achieving this goal is feasible if all stakeholders work together. He stated, “Three million barrels of oil production per day is achievable in Nigeria if all stakeholders work in synergy—from government and private security agencies to oil companies and host communities.”

The NNPCL attributed the current increase in production to the political will of President Bola Tinubu, the involvement of private security agencies, and the renewed efforts of the military. According to Soneye, these factors have helped to curb the challenge of oil theft and pipeline vandalism, particularly in hot spots like Bayelsa, Rivers, Imo, and Abia.

Despite this progress, the NNPCL highlighted that the menace of crude oil theft and its impact on the economy remains a serious concern. The company revealed that over 8,000 illegal refineries and 5,800 illegal oil pipeline connections were detected and destroyed within the last six months.

The goal of increasing oil production is crucial for Nigeria’s economy, which heavily relies on oil exports. With a boost in production, the country can generate more revenue and create jobs, contributing to the country’s development. However, addressing the issue of crude oil theft and pipeline vandalism remains a top priority for the NNPCL to ensure a sustainable and successful production process.