Expert Applaud FG for Increased Oil Production

Olusegun Samuel in Yenagoa

An indigenous player in the oil and gas sector, Mr. Victor Ekpenyong, has applauded the Federal Government for the recent rebound in oil production and return as largest oil producer in Africa.

Oil production data from Organisation of Petroleum Exporting Countries (OPEC) indicate that Nigeria produced an average of about 1.35 million and 1.23 million barrels of crude oil daily in December and November 2022 respectively.

The OPEC report said that Nigeria has also seen improved oil output for November 2022, a development that saw Angola and Algeria trail in second and third positions respectively.

Ekpenyong who reacted to the development on Wednesday described the rebound as a great development for the Nigerian oil industry. 

He recalled that prior to the improvement recorded in November and December, a lot of oil workers lost their jobs in 2022, while some companies shut down due to unsustainable oil theft and pipeline vandalism. 

“It was a great relief to know that Nigeria ramped up production in the last quarter of last year as it produced 1.35 million barrels per day (bpd). I would like to commend the Minister of Petroleum and President of Nigeria, Muhamadu Buhari, and Minister of State for Petroleum for the efforts put in to ensure that we optimise production in the last quarter of 2022. 

“I equally crave their indulgence to continue relating with the local communities who dwell around pipeline installations and other oil and gas assets. We can really do more because we do have the capacity to produce over 2.53 million bpd. Let’s see how we can optimise this a little further to get the resources we need for running this country,” Ekpenyong said.