IPPG Calls for Urgent Action as Crude Oil Production Falls Short

The Independent Petroleum Producers Group (IPPG) has highlighted the challenges facing Nigeria’s oil sector, including the low crude oil production level of 1.4 million barrels per day, which it describes as insufficient to meet the nation’s energy needs. The commendation of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) led by Engr. Gbenga Komolafe was made during NUPRC’s third anniversary, acknowledging its efforts in implementing the Petroleum Industry Act (PIA).

IPPG emphasized the need for a rapid increase in production and called for the swift conclusion of pending International Oil Company (IOC) divestment transactions and the removal of barriers to investment in deepwater projects. The group also stressed the importance of improving security in the Niger Delta to create a conducive environment for operators.

In support of NUPRC’s Project One Million Barrel of Oil Per Day (Project 1MBOPD), IPPG believes that achieving production levels of 2.5 million barrels per day would enable Nigeria to meet both domestic demand and export commitments, ultimately enhancing energy security.
Source: IPPG