The Nigerian Upstream Petroleum Regulatory Commission is leading the push to achieve the 2.5 million barrels per day target, with plans to revive dormant oil fields, unlock deepwater resources and attract new foreign investments into the sector.
The sustained operations of Tantita Security Services Nigeria Ltd in the protection of national assets, especially oil pipelines in the Niger Delta region, are also expected to support the drive to achieve the target.
It was over two decades ago that Nigeria’s crude oil production peaked at about 2.5 million barrels per day. That was in November 2005, according to historical production data, making the country a major force within OPEC and the international oil market.
However, despite post-Petroleum Industry Act investment efforts, national output, including condensate, has not gone beyond 1.7 million bpd.
Nigeria is now working to repeat the over two-decade-old milestone through new investments and the protection of oil assets.
Analysts said sustaining investments and increasing exploration activities were critical to achieving the target and boosting the nation’s reserves. They added that it was equally important to develop a comprehensive framework for increasing production, expanding reserves and enhancing the sector’s contribution to national economic development.
