In a renewed bid to grow Nigeria’s crude oil output significantly in the next 12 months, President Bola Tinubu yesterday launched the ‘1MMBOPD’ Initiative meant to raise production by 1 million barrels per day, by harnessing dormant oil assets and optimising existing ones.
At the event in Abuja, which coincided with the 3rd anniversary of the establishment of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), International Oil Companies (IOCs), indigenous oil producers, banks and oil and gas service providers pledged to support the federal government in the new efforts.
The programme organised by the NUPRC was themed: “Transformation, Innovation & Excellence“ and featured the ‘who is who’ in the country’s oil, gas and banking sectors.
Tinubu stressed that his policy interventions in the oil industry were beginning to bear fruits, expressing confidence in the long-term benefits of the industry’s policy reforms for the good of the country’s over 200 million people.
