• About
  • Privacy Policy
  • Contact
Friday, March 24, 2023
Media Africa
  • Home
  • Live TV
  • Video
  • News
  • Business
  • Sport
  • Travel
  • About
  • Our Service
  • Photo
No Result
View All Result
  • Login
  • Home
  • Live TV
  • Video
  • News
  • Business
  • Sport
  • Travel
  • About
  • Our Service
  • Photo
No Result
View All Result
Media Africa
No Result
View All Result
Home News Oil & Gas

NIGERIA SET TO ACHIEVE 1.8 MILLION BARRELS PER DAY IN FEW MONTHS– KYARI

Damilola Fadare Editor, Abuja, Nigeria by Damilola Fadare Editor, Abuja, Nigeria
February 19, 2023
in Oil & Gas
0 0
0
NIGERIA SET TO ACHIEVE 1.8 MILLION BARRELS PER DAY IN FEW MONTHS– KYARI

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited- NNPCL, Mele Kyari, has revealed that Nigeria is on course to achieve oil production level of 1.8 million barrels per day in the next two to three months.

Mele Kyari, also said NNPCL crossed the 1.6 million bpd oil production threshold on February 16, adding that there is a line of sight to hit a recovery level to the budget level of 1.8 million bpd.

Kyari who made the revelation at the Final Cut over ceremony of the company in Abuja said “I know that it is not far away probably two to three months maximum, but we will be there and that will bring back partners to invest, return confidence of our investors and ultimately bring back growth,” he said.

He also disclosed that NNPCL is working to grow its gas assets and in two to three years, the company along with its partners will be able to deliver 8 million metric standard cubic feet of gas into the domestic market which is a revolution for the company.

He said there is subsidy on the supply of petroleum products particularly PMS into the country, noting that as of last Tuesday, landing cost was around N350 to a litre and it was transferred to customers at N130 per litre leaving a deficit of N202.

“By base computation, N202 multiply by 66.5 million litres multiply by 30 will give you over N400 billion of subsidy every month; there is a budget provision for it but it is also a drain on our cash flow when we do not get refunds from the ministry of finance,” he said.

Kyari however expressed optimism that the company will still do well even with the numerous challenges, making reference to its peers in other countries who are able to declare $9 billion in profits.

“We will catch up with them by reducing our costs, growing our production, prudent in our commercial decisions, be fair to our partners, and in line with the provisions of the PIA, over 90 percent of its differences with partners have been resolved,” he said.

In his remarks, the Minister of State for Petroleum Resources, Timipre Sylva, said the transformation is not to stifle the private sector in the Nigerian oil and gas industry but to encourage growth, attract investment and maximise the dividend to the investors and the teeming population of Nigeria.

He said as required all the assets interests and liabilities have been transferred from the corporation to the company and all loose ends need to be tightened to ensure a successful and competitive company that will stand the test of time for a foreseeable future

“It is now imperative for NNPC limited to sharpen his business tools to remain afloat and compete favourably with the best in the industry worldwide, the current refurbishing of the moribund refineries must succeed if we are to be taken seriously by our stakeholders,” he said.

The minister added that, the ongoing efforts to eradicate oil theft and pipeline vandalism must succeed if the industry must remain attractive in terms of investment in comparison with other companies across the world.

“…while we believe that oil and gas will continue to be a substantial part of the energy mix worldwide. We should strive not to be left behind, in fully transforming into an energy company with interest in both renewables and non-renewable energy sources,” the minister said.

Damilola Fadare

Editor

Abuja, Nigeria

  • Author
  • Recent Posts
Damilola Fadare Editor, Abuja, Nigeria
Damilola Fadare Editor, Abuja, Nigeria
Damilola Fadare (Editor,Abuja Nigeria)
Damilola is a seasoned journalist and media practitioner with over 2 decades of practice as a teacher, reporter and writer. He has also served as the editor of different publications in Nigeria.
Aside being an editor, Damilola also writes on Politics, Economy, Oil and Gas for Media Africa
Damilola Fadare Editor, Abuja, Nigeria
Latest posts by Damilola Fadare Editor, Abuja, Nigeria (see all)
  • 2023 Elections: Counting of Votes Begins, Tinubu, Obi, Atiku win Polling Units - February 25, 2023
  • NIGERIA SET TO ACHIEVE 1.8 MILLION BARRELS PER DAY IN FEW MONTHS– KYARI - February 19, 2023
  • NIGERIA SIGN MOU WITH SENEGAL ON LOCAL CONTENT IN SENEGAL’S OIL AND GAS INDUSTRY - February 19, 2023
0Like
0Dislike
50% LikesVS
50% Dislikes
Tags: NigeriaNNPCOIL AND GAS
Damilola Fadare Editor, Abuja, Nigeria

Damilola Fadare Editor, Abuja, Nigeria

Damilola Fadare (Editor,Abuja Nigeria) Damilola is a seasoned journalist and media practitioner with over 2 decades of practice as a teacher, reporter and writer. He has also served as the editor of different publications in Nigeria. Aside being an editor, Damilola also writes on Politics, Economy, Oil and Gas for Media Africa

Recent Posts

  • US Vice President, Kamala Harris sets to visit Africa
  • Marcus Garvey; Black Hero or A Villain To The Whites?
  • Africa, a continent haunted by its past, unsure of its future (Part 2)
  • Africa, a continent haunted by its past, unsure of its future (Part 1)
  • Malcom X. A Life of Reinvention

Recent Comments

No comments to show.
Facebook Twitter Youtube LinkedIn

MediaAfrica as an organisation reinforces the belief in Africa as a continent of opportunities We are an International Public/ Media Relations organisation and a media organisation with a focus on providing content for the African media Space.

US Vice President, Kamala Harris sets to visit Africa

US Vice President, Kamala Harris sets to visit Africa

March 22, 2023
Marcus Garvey; Black Hero or A Villain To The Whites?

Marcus Garvey; Black Hero or A Villain To The Whites?

March 22, 2023
  • About
  • Privacy Policy
  • Contact

© 2023 Media Africa - Focused on providing content for the African media Space

No Result
View All Result
  • Home
  • Live TV
  • Video
  • News
  • Business
  • Sport
  • Travel
  • About
  • Our Service
  • Photo

© 2023 Media Africa - Focused on providing content for the African media Space

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
wpDiscuz
0
0
Would love your thoughts, please comment.x
()
x
| Reply