Nigeria’s 4m Barrels Daily Production Target Sacrosanct — Buhari

President Muhammadu Buhari on Monday reit­erated that the ambitious goal of ramping up crude oil production to at least 4 million barrels per day, and building a reserve of 40 billion barrels re­mained sacrosanct.

President Buhari gave the hint at the opening ceremony of the fourth Nigeria International Pe­troleum Summit (NIPS), saying that creating the conducive business environment for hydrocarbon in­dustry to thrive is no longer a choice but necessity.

Represented by Chief Timi­pre Sylva, the Minister of State, Petroleum Resources, Buhari, however, said that the imme­diate challenge for the oil and gas industry is that the global agenda for energy transition are slightly taking the back seat, as governments across the world are now more focused on managing the COVID-19 pan­demic and its impact on econo­mies than the quest for energy transition.

“The ambitious goal of ramping up crude oil produc­tion to at least 4 million barrels per day, and building a reserve of 40 billion barrels remains sacrosanct and guiding prin­ciple to our overall outlook for the industry, creating the con­ducive business environment for hydrocarbon industry to thrive, is no longer a choice. It is a necessity,” he said.

The president reiterated that energy transition is real, stressing that renewable tech­nologies are getting cheaper and investors are increasingly conscious of environmental is­sues, and are beginning to turn their back on hydrocarbon in­vestments.

Also speaking during the event, Mele Kyari, Group Man­aging Director of the Nigerian National Petroleum Corpora­tion (NNPC), said the confer­ence would bring out the fact that funding is a major issue in industry today.

He said that security is also a major issue for oil and gas but assured that efforts were being made to normalise everything.

“And lastly of course secu­rity is a major issue for us in our business today. There are concerted efforts across the in­dustry in the Niger Delta and all other locations to make sure that we contend issues of secu­rity around our ways. We are aware that the significant work has been done, the level of se­curity issues has clearly dimin­ished. But there is still work to be done,” the GMD stated.

Source: Independent Nigeria

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