NNPC Declares State of Emergency on Crude Oil Production

GCEO, NNPC Limited, Mallam Mele Kyari (standing 7th from left) in a group photograph with participants at the on-going Nigeria Oil & Gas (NOG) 2024 Energy Week Conference & Exhibition in Abuja.

In a move towards increasing Nigeria’s crude oil production and growing its reserves, NNPC Limited has declared a state of emergency on production in Nigeria’s oil and gas industry.

Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari, disclosed this in a keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil & Gas Conference and Exhibition (NOG Energy Week) in Abuja.

“We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools. We know what to fight. We know what we have to do at the level of assets. We have engaged our partners. And we will work together to improve the situation,” the GCEO declared.

According to him, a detailed analysis of assets revealed that Nigeria can conveniently produce two million barrels of crude oil per day without deploying new rigs, but the major impediment to achieving that remains the inability of players to act in a timely manner.

He said the “war” will help NNPC and its partners to speedily clear all identified obstacles to effective and efficient production such as delays in procurement processes, which have become a challenge in the industry.

On medium to long-term measures aimed at boosting and sustaining production, Kyari said NNPC would replace all the old crude oil pipelines built over four decades ago and also introduce a rig sharing programme with its partners to ensure that production rigs stay in the country for between four and five years which is the standard practice in most climes.

He called on all players in the industry to collaborate towards reducing the cost of production and boosting production to target levels.

He expressed the Company’s commitment to investing in critical midstream gas infrastructure such as the Obiafu-Obrikom-Oben (OB3) and the Ajaokuta-Kaduna-Kano gas pipelines to boost domestic gas production and supply for power generation, industrial development and economic prosperity of the country.

On Compressed Natural Gas (CNG), Kyari observed that NNPC has since keyed into the Presidential CNG drive, adding that in conjunction with partners such as NIPCO Gas, NNPC Ltd. has built a number of CNG stations, 12 of which will be commissioned on Thursday in Lagos and Abuja.

The opening ceremony of the NOG Energy Week also saw goodwill messages and keynotes presented by the Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais; Secretary General of the Gas Exporting Countries Forum (GECF), Engr. Mohamed Hamel; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo; Special Adviser to the President on Energy, Ms. Olu Verheijen as well as the Chairman, Independent Petroleum Producers Group (IPPG), Mr. Abdulrazaq Isa.

NNPC is the Principal Sponsor of 2024 NOG Energy Week Conference & Exhibition which has as its theme “showcasing opportunities, driving investment and meeting energy demand.”

spot_img
spot_img
spot_img
spot_img
spot_img

Hot this week

AIICO Retains Composite Licence Without Capital Raise, Posts Solid Q2 Performance

Mr. Olusegun Omosehin, Commission for Insurance/CEO of the National...

CIIN Unveils 2nd Edition of Courts’ Judgments on Insurance, Related Cases in Nigerian Courts

Chartered Insurance Institute of Nigeria (CIIN) announces the release...

Mutual Benefits Receives Renewed Licence, Signals New Growth Phase

Executive Director (Technical), Mutual Benefits Assurance Plc, Joseph Oladokun...

Stanbic IBTC, Anambra State Partner to Accelerate Growth, Trade Opportunities for South-East MSMEs

As MSMEs across the South-East seek opportunities for growth,...

Heirs Insurance Group Poised for Leadership in Nigeria’s Post-Recapitalisation Insurance Era

  Heirs General and Heirs Life meet NAICOM’s recapitalisation...

Topics

NEM, AIICO, Dangote Group Shine at Insurance Industry Nite of Honours

The 2023 Almond Insurance Industry Awards and Consumers’ Nite...

Bullish Performance Sustained on Bargain Hunting… ASI Up 53bps

The domestic equities market advanced 0.5% in yesterday’s trading...

Linkage Assurance Reports N573m PAT in 1st Half 2019

Linkage Assurance Plc has recorded a 16 percent growth...

Leadway Assurance Emerges ‘Insurance Company of the Year’ at 2024 BAFI Awards

One of Nigeria's leading insurance service providers, Leadway Assurance,...

Red Star Express Posts N6.6bn Turnover

A leading logistics Company, Red Star Express Plc has...

Linkage Assurance Plc Raises N16.2bn from Rights Issue Towards Recapitalisation

Linkage Assurance Plc announces the successful completion of its...

Global Leaders Commit $8bn in Major Development Initiative for Horn of Africa

• UN Secretary-General, WBG, IsDBG Presidents, other Agency Heads...
spot_img

Related Articles

Popular Categories

spot_imgspot_img