Nigeria Vows to Boost Oil Production, Plans Replacing Underperforming Partners

Date:

ABUJA, July 2 – Nigerian state oil company NNPC Ltd is determined to reverse the decline in crude production and will replace partners who fail to meet their joint venture commitments, said group chief executive Mele Kyari on Tuesday.

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In recent years, oil output in Africa’s top exporter has been hampered by large-scale theft, sabotage, and the exit of major companies like Exxon Mobil and Shell Plc from onshore fields to focus on offshore exploration.

Kyari revealed that oil production had recently hit 2 million barrels per day (bpd) but acknowledged difficulties in maintaining that level due to limited access to capital and bureaucratic delays, which he pledged to address.

“We want to grow production. We have the reserves but we want to produce,” Kyari stated at an energy conference in Abuja. He warned that any partner failing to contribute to boosting production would be removed from joint contracts.

NNPC holds joint ventures and production-sharing contracts with major oil companies that produce about 70% of Nigeria’s oil.

Kyari also announced plans to replace ageing pipelines and create a “rig-share club” with partners to ensure access to drilling equipment, a strategy used by state oil companies worldwide.

“We keep on talking about increasing production, yet we can’t guarantee the availability of rigs in this country. We cannot continue that way,” he emphasized.

Peter Okafor
Peter Okaforhttp://Naija247news.com
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