Bayo Ojulari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, says Nigeria can increase crude oil production by about 100,000 barrels per day (bpd) over the next few months.
Ojulari spoke to Reuters on Monday on the sidelines of the CERAWeek by S&P Global conference in Houston, United States.
He said the country was building the capacity to achieve the output, adding that “we are not like Saudi (Arabia) but we can contribute”.
During an onstage interview at the conference, Ojulari said NNPC carried out a comprehensive review of its business portfolio last year and has begun implementing changes this year.
He said one key focus is improving execution to ensure projects are completed on time and within budget, addressing delays experienced in the past.
Nigeria’s crude oil production fell to 1.31 million barrels per day (bpd) in February, according to the Organisation of Petroleum Exporting Countries (OPEC).
The decline in crude oil production came at a time when crude oil prices crossed a $100 per barrel on March 9, eroding revenue gains.
Oil price plunged on Monday to $96 a barrel after Donald Trump, United States (US) president, said he would postpone any military strikes against Iranian power plants and energy infrastructure for five days.
