The Nigeria National Petroleum Corporation (NNPC) has said that oil production will reach a target 2.2 million bpd before the end of 2016.
The Group Executive Director (upstream) of the Corporation, Engr. Rabiu Bello made the disclosure recently during a public hearing organised by the Senate Committee on Finance in Abuja.
He said that Nigeria currently produces 1.8m bpd, falling short of the expected target due to security challenges in the Niger Delta.
Rabiu, however, stated that as the situation improves following the ceasefire agreement between the Federal Government and the Niger Delta Avengers (NDA), it is hoped that daily output will rise to 2.2million barrels per day when the pipelines in the region are secured and damaged ones repaired.
Although the NNPC had earlier expressed concern on the repatriation of proceeds accruing from the joint oil companies, it agreed with the Senate committee on finance to enforce relevant laws that will ensure that all profits are brought back to Nigeria before they are repatriated.
According to the Senate committee, there’s a law that such profits should come to Nigeria before they are taken back.