The Nigerian National Petroleum Company Limited (NNPCL) revealed plans to boost crude oil production by 192,000 barrels per day from July 2023 to March 2024.
This surge in production capacity is attributed to the resumption of operations in several Oil Mining Licences (OMLs), including OML 29, OML 18, and OML 24, which were facing significant challenges.
OMLs 29, 18, and 24 are projected to contribute an additional 80,000 barrels to the overall oil production, while maintenance work on five other OMLs is expected to enhance output as well.
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Furthermore, the inclusion of First E&P OML 85 is estimated to provide approximately 20,000 barrels by the first quarter of 2024.
During an oil and gas conference in Abuja, Mr. Olanrewaju, standing in for Adokiye Tombomieye, the NNPCL’s Executive Vice President of Upstream, shared that the completion of Apo turnaround maintenance would yield around 10,000 barrels, while the connection of two injector wells in OML 130 is anticipated to add another 10,000 barrels by the third quarter of 2023. Additionally, an extra 7,000 barrels are expected from the Bonga wells.
However, Mr. Olanrewaju emphasized that the country’s ability to benefit from this growth hinged on creating a favorable investment climate and enhancing internal security. NNPCL identified insecurity as a major obstacle hindering the realization of their vision for the upstream sector.
In August 2022, due to severe insecurity impacting critical infrastructure, crude oil production plummeted to less than one million barrels, as explained by Mr. Olanrewaju.
