Nigeria President, Tinubu received commendation for NNPCL, boosting crude oil production
President Bola Ahmed
Nigeria President, Tinubu received commendation for NNPCL, boosting crude oil production.
President Bola Ahmed Tinubu and the Nigerian National Petroleum Company Limited (NNPCL) have received commendation for their efforts in increasing crude oil production to boost the nation’s struggling economy and improve the living standards of Nigerians.
The Niger Delta Intelligentsia Team (NDIT), a network of intellectual advocates from oil and gas-producing communities, expressed optimism that the rise in production could alleviate current economic hardships.
In a statement by Japhet Ogbueri (President) and Nse Victor Udoh (Secretary) of NDIT, the group praised the administration’s pragmatic policies and frameworks, which have kept the sector active despite challenges such as high foreign exchange rates.
They highlighted that crude oil production recently increased from 1.35 million barrels per day (mbpd) to 1.8 mbpd, while natural gas production rose from 5.5 billion standard cubic feet per day (bscfpd) to 7.4 bscfpd—marking the highest output in 15 years.
NDIT also celebrated NNPCL’s $550 million Final Investment Decision (FID) on the Ubeta Development Project, a Rivers State oil project discovered in 1964 but previously neglected. Additionally, NNPCL’s commitment to monetizing Nigeria’s vast natural gas resources through a Project Development Agreement with Golar LNG for offshore Floating Liquefied Natural Gas facilities was praised.
The group noted that these achievements come despite global oil industry challenges, including the Russia-Ukraine war and the Israel-Arab conflicts, which have created volatility. They cited increased foreign revenue generation, Direct Foreign Investment (DFI) inflows, and related ventures as evidence of the progress.
NDIT lauded stakeholders such as Pipeline Infrastructure Nigeria Ltd (PINL) for their contributions to ensuring secure operations in the Niger Delta.
“PINL has deployed advanced surveillance equipment to combat pipeline vandalism and crude oil theft, creating a safer and more secure environment for oil and gas exploration,” the group stated. They credited PINL’s efforts as instrumental to the nation’s production increase, with crude oil output projected to reach 2 mbpd by December 2024.
The organization also praised PINL for its corporate social responsibility initiatives, including providing relief materials to flood victims in Rivers and Bayelsa States and creating job opportunities for local youths.
NDIT emphasized that these combined efforts set the stage for sustainable growth in Nigeria’s oil and gas sector while improving the lives of host communities.
