- The Nigerian National Petroleum Company Limited (NNPC) has declared a state of emergency on the country’s crude oil production
- It noted that the country needs to increase its production capacity.
- While industry players are reluctant to act accordingly, Nigerians have cried out over the latest development
In an attempt to escalate Nigeria's crude oil production and increase its reserves, the Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a state of emergency on Nigeria's crude oil production.
This declaration was made by Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, during his address at the ongoing 2024 Nigeria Oil and Gas (NOG) Energy Week in Abuja on Tuesday, June 2.
Nigeria needs to increase oil production - Kyari
Mr Kyari emphasised that the declaration aims to escalate Nigeria's crude oil production and increase its reserves.
He stated, “We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools. We know what to fight. We know what we have to do at the level of assets. We have engaged our partners. And we will work together to improve the situation.”
Industry players are not acting swiftly
He pointed out that after conducting a detailed analysis of assets, it became clear that Nigeria could produce two million barrels of crude oil daily without introducing new rigs. However, the main barrier to achieving this remains the reluctance of industry players to act swiftly.
Nonetheless, he urged all industry players to work together to reduce production costs and achieve production targets.
Netizens react to the state of emergency on crude oil
The state of emergency development has stirred up social media, with Nigerians expressing their concerns about the ongoing national economic crisis.
“Every single aspect of the country’s life is dead. No one is recognizing Nigeria. Companies are closing down and foreign companies are leaving the country. Even the Customs Service is shutting down its operations. Insecurity has increased, poverty is worsening, hunger is high,” DEC tweeted.
“NIGERIA used to produce 2.5m barrel of crude oil per day during the time of GEJ. Under Tinubu, NIGERIA is practically struggling to produce up to 1.35m barrel per day. Under Tinubu's led government, the rate at which the crude oil theft skyrocketed is alarming. They steal up to 1m barrels, but still no one has been caught or prosecuted for it. During Tinubu's inauguration, he shouted “Fuel subsidy is gone”, but went behind closed doors to be paying billions of Naira for the subsidy he said he has removed, yet the price of fuel has refused to come down. Ever since APC took power,it has been from one probIem to the other. Nigeria has never been the same again. Tinubu has made the case of Nigeria “The more u look, the less u see”,” Pure Stanley expressed.
“What is being done to address this crisis? Our leaders need to act now!” Collins Opara said.
“The affairs of this country is enough to shorten your lifespan.😭,” Duchess Beeyah cried out.
“Tinubu has never done anything positive,” Verified Homie shared on X.
“Every information from the government is an alarm .this government infact has only spread more mistrust and has left us with more questions than answers,” His Majesty Omoluabi added.
“This should've been the first action of any serious government. This is also what Nigerians should keep calling for, NNPC and CBN are the major sources of our economic hardships. Hold them, and everything will get better. Force your representatives and senators to act seriously,” Sultan Alfayyid also tweeted his opinion.