The Group Managing Director (GMD)/Chief Executive Officer (CEO) of the Nigerian National Petroleum Company Limited, Mele Kyari stated in an interview with Bloomberg TV that Nigeria would boost oil output to 1.8 million barrels per daily by the end of 2021, as against the 1.45 million BOPD in September.
Kyari stated that in spite of this forecast, Nigeria could easily reach its maximum crude oil output capacity of 2.5 million barrels daily with the combined production of crude and condensates.
Kyari said: “It is obvious that by the close of the year we will get back to the 1.7m-1.8m barrels per day of crude only; as you may be aware, when we mention these figures, I am talking about crude oil only.”
He stated that at the peak of the COVID-19 pandemic, Nigeria closed down some of its wells and were yet to return to their full output levels.
Kyari, however, noted that the NNPC was diligently working towards bringing the facilities function at optimal production capacity before the end of the year.
He further explained that the COVID-19 pandemic as well as the lack of clarity in the sector caused a drought in investment in the country’s oil sector.
Kyari however noted that situation has been addressed with the newly enacted Petroleum Industry Act (PIA) 2021 which offers ample investment opportunities in the Nigerian Oil and Gas Industry.
