NNPC Speaks on Increasing Oil Production as Nigeria Unveils New Crude Oil Grade
- NNPCL expressed the possibility of increasing crude oil production from 1.7 million barrels per day to 3 million barrels
- The commission gave credit to President Bola Tinubu for ordering relevant security agencies to combat pipeline destruction and oil theft
- According to NNPC deputy manager, 5,800 illicit oil pipeline connections and more than 8,000 illicit refineries had been shut down
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Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
The Nigerian National Petroleum Company Limited (NNPCL) states that raising crude oil production from the existing level of 1.7 million barrels per day to 3 million barrels is feasible.
Source: UGC
This was revealed by Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, yesterday at a Stakeholders Engagement Session with media covering the National Assembly, the Punch reported.
He credited President Bola Tinubu's political will in directing pertinent security agencies to fight oil theft and pipeline damage, which could lead to higher output.
Soneye claims that these initiatives have helped to increase daily oil production from 1.4 million to 1.7 million barrels.
“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,” Soneye stated.
He added that an atmosphere that would facilitate ideal oil production levels of 2.5 to 3 million barrels per day could be established through cooperative efforts against oil theft and pipeline damage.
In addition, Soneye mentioned that oil production had once fallen below 900,000 barrels per day, underscoring the importance of private security firms and stepped-up military action to address the problem.
“At that time, we felt Nigeria was in trouble regarding oil theft, but the intensified fight against it has alleviated our concerns,” he said.
Murtala Muhammad, the deputy manager at the NNPC Command and Control Center, gave a PowerPoint presentation on the persistent problem of crude oil theft and its effects on Nigeria's economy at the meeting.
He stated that in the previous six months, over 8,000 illegal refineries and 5,800 illicit oil pipeline connections had been found and shut down, with Bayelsa, Rivers, Imo, and Abia being recognised as hotspots for this illicit activity.
Nigeria unveils new crude oil grade
Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) has introduced the Utapate Crude Oil Blend, a significant development in Nigeria’s oil industry.
The National Orientation Agency posted this on its X handle on Friday, August 23, 2024.
The new crude grade is differentiated by its low sulphur content of about 0.0655% and minimal carbon footprint due to the elimination of flare gas, which aligns with the specs sought by major European oil firms
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Source: Legit.ng
