According to Chief Timipre Sylva, Minister of State for Petroleum Resources, Nigeria will soon reach its two million barrels per day of crude oil production goal.
The minister blamed theft, pipeline vandalism, and deteriorated infrastructure for the loss of money from oil output in a statement released by his spokesperson, Horatius Egua, but added that the government was taking action.
He declared, “We have every confidence that Nigeria will soon reach its aim of producing two million barrels of crude oil per day.
Everyone is working hard to attain this goal, and the government is doing everything it can to bring us there.
Mele Kyari, the NNPC Ltd.’s group chief executive officer, stated on Friday that crude oil production has increased to 1.6 million barrels per day from about 1m barrels late last year after an onslaught against oil thieves.
The minister said the major sources of crude oil losses have primarily been theft, pipeline vandalism and production deferment as a result of pipeline non-availability.”It is well known that theft and pipeline destruction have been the main causes of crude oil losses in the nation.
Furthermore, we are aware that some of the oil infrastructure is deteriorating and cannot function at its best. Also, the lack of investments in fossil fuels in the nation and the push for renewable energy have seriously hindered fresh investments in this area, the official added.In order to ensure that the constraints and upcoming challenges in the optimal crude oil production volume were swiftly addressed to increase national revenue, Sylva urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to harmoniously work together.
