The Nigerian National Petroleum Company Limited, NNPCL, has declared a state of emergency on oil and gas production in Nigeria.
The Group Chief Executive Officer of the company, Mele Kyari, who delivered the keynote address at the opening ceremony of the 23rd Nigeria Oil & Gas Conference and Exhibition in Abuja, on Tuesday, said a detailed analysis of assets showed that Nigeria can conveniently produce two million barrels of crude oil per day without deploying new rigs.
He also said the major impediment to achieving that level of production remains the inability of players to act in a timely manner.
Commenting on medium to long-term measures aimed at boosting and sustaining production, Mr. Kyari said the NNPCL 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.
READ ALSO: Govs Must See Legislature As Partners, Not Appendages, Says Lagos Assembly
He called on all players in the industry to collaborate towards reducing the cost of production and boosting production to target levels.
