The Nigerian National Petroleum Company Limited (NNPCL) has expressed confidence that the country is ready to increase oil production by about 100,000 barrels per day over the next few months.
The company’s group chief executive officer (CEO), Bashir Bayo Ojulari, gave this assurance citing growing reforms by government.
The country averaged about 1.6 million to 1.7 million barrels per day last year and is hoping to average 1.8 million bpd this year, Bayo Ojulari told Reuters on the sidelines of the CERAWeek by S&P Global conference in Houston, when asked if Nigeria could help make up for the crude shortfall resulting from the U.S- Israeli war on Iran.
“We are building that capacity,” he said, though he added “we are not like Saudi (Arabia),” referring to the top OPEC member. “But we can contribute.”
During an onstage interview at the conference, Bayo Ojulari said NNPC completed a full portfolio review of its business last year and is beginning to implement changes this year. One focus is working to improve execution and ensuring projects are delivered on budget and on time, after previous delays, he said
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