Nigeria, Africa’s largest crude oil producer, confronts challenges in its oil production amid OPEC and its allies’ decision to extend output cuts for three months.
The move, aimed at stabilizing global oil markets, presents hurdles for Nigeria’s oil sector, which heavily relies on oil revenue for its economy and fiscal planning.
Jide Pratt, COO of AIONA, underscores Nigeria’s imperative to meet production targets, a longstanding challenge for the country. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently revised Nigeria’s oil production target upward to 2.5 million barrels per day, reflecting efforts to boost production.
Gbenga Komolafe, CEO of NUPRC, emphasizes Nigeria’s strategic position in Africa’s oil and gas industry, highlighting substantial reserves. The commission prioritizes effective implementation of the Petroleum Industry Act to enhance oil and gas reserves and achieve the national average daily production target.
Source: Business Day