According to Bala Wunti, the Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services, Nigeria’s daily crude oil production has experienced a significant increase to approximately 1.6 million barrels per day. It is projected to reach 1.8 million barrels per day. This information was shared by Wunti during the 186th meeting of the Organization of Petroleum Exporting Countries (OPEC).
Wunti expressed confidence that Nigeria’s oil production will reach 1.8 million barrels by July or early August, thanks to the deployment of advanced technology. He attributed the current increase in production to collaborative efforts in the industry, including the joint work of security agencies, regulators, industry players, and communities through private community contractors.
“And then we brought in overlaying technology. That technology created a litany of platforms, one of which is the collaborating platform, whereby all security issues are now seen in real time.
“And it is the outcome of that that has brought about the confidence that we have to hit about 1.8 million barrels by the end of July or early August.”
Wunti dismissed any doubts about reaching the new production target and revealed that as of that morning, the instantaneous production number stood at about 1.59 million barrels, which is essentially 1.6 million. He mentioned that some facilities undergoing turnaround maintenance, with a combined capacity of 40,000 barrels, would be back in operation by Sunday.
