The Ministry of Petroleum Resources, MPR and the Nigerian National Petroleum Corporation, NNPC are working on measures targeted at stabilizing the output of 2.3 million barrels per day production to generate adequate funds for development.
Vanguard reported that a source from the MPR said, “the MPR and NNPC have agreed that there is a great need to maintain a minimum output of 2.3 million bpd, including condensates as stated in the nation’s 2019 budget. We have also upscaled assets as well as provided adequate security backup to protect strategic oil and gas producing facilities that are essential to enable us to realize set target”.
The source further noted that although pipeline vandalism and oil theft cannot be completely ruled out in the Niger Delta, the government should be able to stabilise output and by extension revenue.
On his part, the newly appointed Group Managing Director of the NNPC, Mr Mele Kyari who spoke at the just concluded OPEC meeting in Vienna, Austria said crude oil pricing and volume of production were key factors in ensuring sustainable revenue generation for the country.
Recall that he had earlier stated saying that “through the Declaration of Cooperation, greater stability is restored globally. Nigeria believes that having the right price and volume can support our aspiration and ensure a sustainable revenue generation. “So, a nine-month extension is the way to go considering the objective of the declaration; that is why Nigeria supports the initiative and is also grateful that big nations are committed to it”.
Similarly, Nigeria has reaffirmed its strong support for the nine-month extension in oil production cut under the ‘’Declaration of Cooperation,” which seeks to improve global oil market stability among OPEC members as Permanent Secretary, Ministry of Petroleum Resources, Dr. Folashade Yemi-Esan, said ‘’Nigeria strongly endorses this commendable commitment and support this position, we believe that an extension of nine months is preferable to six months, as it offers greater certainty to the market, thereby reducing market volatility.”