The Federal Government has announced a major initiative to increase the country’s crude oil production by an additional one million barrels per day over the next two years, designed to address ongoing challenges such as oil theft, pipeline vandalism, and outdated infrastructure while attracting more investment into the sector.
Recall that th Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently reported a slight drop in oil production from 1.571 million barrels per day in August to 1.544 million in September, a 1.68% decline. Despite this, the government is optimistic that its new strategy, “Project 1MMBPD,” will reverse this trend and enhance the nation’s economic growth.
Speaking at the launch of the project to mark NUPRC’s three-year anniversary, President Bola Ahmed Tinubu, represented by Senator George Akume, stressed the importance of boosting oil production for Nigeria’s economy.
“This project is a giant step forward for our oil and gas industry, designed for sustainable growth. It will enhance our energy security and keep Nigeria at the forefront of the global energy landscape,” Tinubu said.
Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, said the current target of an additional one million barrels was too low, urging industry stakeholders to aim higher. “Nigeria once produced over two million barrels per day, and we should aim for 2.5 million barrels in the short term, with a long-term goal of four million,” he stated.