The Nigerian National Petroleum Company Limited (NNPCL) has announced its ambitious goal to increase crude oil production to two million barrels per day by the end of 2024.
This follows a rise in the country’s daily production 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, Group Managing Director Mele Kyari, represented by Folorunsho Karim, emphasized the company’s commitment to achieving this target. Kyari acknowledged the significant support from the Nigerian Navy, which has contributed to a reduction in oil theft and pipeline vandalism—key issues affecting production levels.
Kyari stated, “The target is to increase production to two million barrels by the end of the year, and we are fully committed to doing that.” He expressed appreciation for the Navy’s efforts in enhancing security, which is crucial for the oil industry’s stability.
Vice Admiral Emmanuel Ogalla, Chief of the Naval Staff, highlighted the complex security challenges Nigeria faces, including oil theft and piracy, which have historically hindered development. He noted that traditional methods of addressing these issues have been ineffective, and emphasized the need for collaboration among all stakeholders to ensure a secure environment for oil operations.
The meeting aimed to discuss emerging security concerns related to the implementation of the Petroleum Industry Act and to reinforce the Navy’s role in supporting legitimate business operations while maintaining security. Ogalla reiterated the Navy’s commitment to promoting ease of doing business by ensuring that their operations do not disrupt legitimate activities in the oil sector.
As NNPCL works towards its production target, the collaboration between security agencies and the oil company will be vital in overcoming the challenges that have historically plagued Nigeria’s oil industry.