The latest production figure is a major setback for the
government which has a production target of 1.69 million barrels per day in the
2023 budget.
The volume of production is also significantly lower than
the 1.7 million barrels per day quota allocated to the country by the
Organisation of Petroleum Exporting Countries, OPEC.
The NUPRC data released yesterday also showed that blended
and unblended condensate oil daily production in July were 38,258 barrels and
174,509 barrels respectively. Condensate oil productions are not part of
Nigeria’s OPEC production quota.
In total, daily average oil production in July was 1.29
million barrels per day, a 12.8 percent drop when compared to total average
daily production of 1.48 million barrels in June.
The Nigerian National Petroleum Corporation (NNPC) Limited
had projected oil production to hit 1.8 million barrels per day (mbpd) by the
fourth quarter of this year, as measures put in place to boost production begin
to yield results.
Disclosing the new target in Abuja during a session at the
recently concluded Nigeria Oil Gas Energy Week, the Executive Vice President,
Upstream, NNPC Ltd, Engr. Adokiye Tombomieye, said the target is to first hit
the 1.7mbpd mark at the end of the third quarter.
Tombomieye said the new production targets would be achieved
through asset integrity, production ramp up, well interventions, new drillings,
alternative crude oil evacuation and improved security architecture.
He noted that upstream opportunities exist in the deep water
space, explaining that NNPC Limited was working with its partners to achieve final
investments on key major projects including the Bonga North field that would
add 120,000bpd to national production.
Tombomieye stressed that to achieve these targets a
conducive investment climate was needed, adding that the new NNPC Limited
structure “creates a level playing ground for investors”.
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