The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is leading the push to hit the 2.5 million barrels per day (mbpd) goal. The Commissions officials plan to revive dormant oil fields, unlock deepwater resources, and attract new foreign investments to the sector. The sustainance of Tantita Security Services Nigeria Ltd (TSSNL) operations in the protection of national assets, especially oil pipelines in the Niger Delta region equally come handy in the quest to achieve these targets.
It was over two decades ago that Nigeria’s crude oil production peaked at about 2.5 million barrels per day (bpd).
That was in November 2005, according to historical production data, making the country a major force within OPEC and the international oil market. However, despite post-Petroleum Industry Act (PIA), investment efforts, national output, including condensate, has not gone beyond 1.7 million bpd.
But Nigeria is now working hard to ensure that the over two decades milestone is repeated through new investments and protection of oil assets.
Analysts said that sustaining investments and increasing exploration activities were critical to achieving the target and boosting the nation’s reserves. It is equally important to develop a comprehensive framework for increasing production, expanding reserves and enhancing the sector’s contribution to national economic development.
