Nigeria’s Oil Production Inches Up, Stakeholders Seek Transparency
Nigeria’s oil production has reached 1.7 million barrels per day (mbpd) according to Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL). This represents an increase from the 1.28 mbpd reported a few months ago. However, some details remain unclear.
Key Points:
- Production Increase: Nigeria’s oil production has climbed to 1.7 mbpd, but it’s unclear if condensate is included.
- Stakeholder Concerns: Industry experts are calling for technical details regarding the Kolmani River and Bornu Basin discoveries. They urge NNPCL to follow Namibia’s example, where a major discovery will be presented at an international conference.
- Transparency Needed: Stakeholders want NNPCL to share technical data to allow for global scrutiny and potential further development.
- Kolmani River Uncertainty: While Kyari claims the Kolmani River field holds one billion barrels, details haven’t been publicly presented.
- Missed OPEC Target: Nigeria previously failed to meet its OPEC-assigned production target of 1.7 mbpd in February
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Looking Ahead:
Increased oil production is positive news for Nigeria’s economy. However, stakeholders urge NNPCL to provide more transparency around recent discoveries and production figures. Sharing technical data can attract further investment and ensure sustainable development of Nigeria’s oil reserves
