The Chairman of the Board of Governors of the Organisation of the Petroleum Exporting Countries (OPEC), Ademola Adeyemi-Bero, has called for a significant increase in Nigeria’s oil production, citing the country’s vast hydrocarbon reserves.
Speaking at the Heirs Energies’ Nigeria Petroleum Industry Leadership Discourse in Abuja on Thursday, he stressed that Nigeria should be producing as much as four million barrels of oil per day.
Adeyemi-Bero noted that while Nigeria’s current OPEC quota stands at 1.5 million barrels per day (mbpd), the nation has the potential to exceed this limit by demonstrating its production capacity.
He pointed to the recent increase in oil production to 1.7 mbpd in January as a step in the right direction.
“With Nigeria’s reserves and resources, we should not be producing below two million barrels per day. Our target should be two and a half, three, or even four million barrels per day. Even within OPEC, there is confidence that Nigeria can achieve this, but we must show that we have the capability,” he stated.
As Chairman of OPEC’s Board of Governors, Adeyemi-Bero emphasized his role in ensuring that Nigeria secures an increased production quota. “We are setting a production level of 2.1 mbpd, and my job is to work with OPEC’s structure in Nigeria to achieve this goal. It’s not just about surpassing the quota but ensuring we do it the right way,” he added.
At the panel discussion moderated by the Chief Executive Officer of Heirs Energies, Osayande Igiehon, the Minister of Petroleum Resources (Oil), Heineken Lokpobiri, highlighted ongoing reforms aimed at improving Nigeria’s oil sector.
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He credited President Bola Tinubu’s leadership with reducing bureaucratic bottlenecks and expediting contract approvals.
“We’ve made significant reforms. In the past, bureaucracy slowed down approvals, but now, you don’t need to know anyone before your documents are signed. As long as I receive recommendations from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), no document stays on my table for more than 24 hours,” Lokpobiri assured stakeholders.
The event also featured key industry leaders, including the Chief Executive of the NUPRC, Gbenga Komolafe; Managing Director of Seplat, Roger Brown; and Executive Vice President of Upstream at Nigerian National Petroleum Company Limited (NNPCL), Udobong Ntia.
Heirs Energies Chairman, Tony Elumelu, formally opened the discourse, commending attendees for their participation in shaping Nigeria’s petroleum industry’s future.
With calls for Nigeria to optimize its production potential, stakeholders now look toward policy implementation and industry cooperation to achieve the ambitious targets outlined by OPEC and the government.