Nigeria's NNPC declares "state of emergency" on oil production, aiming to increase output and expand reserves.

Nigeria's state oil firm, NNPC Ltd, has declared a "state of emergency" on oil production in an attempt to increase crude oil output and expand reserves, according to CEO Mele Kyari. The NNPC Ltd has called on all players in the industry to collaborate in reducing costs and boosting production to target levels. A detailed analysis of assets shows Nigeria could produce two million barrels of crude oil per day without deploying new rigs, with the main obstacle being the inability of industry partners to act in a timely manner.

July 02, 2024
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