Tinubu Promises 4m Barrels Per Day Oil Production
The presidential candidate of the All Progressives Congress (APC), Ahmed Bola Tinubu, has promised to increase Nigeria’s oil production to four million barrels per day if elected in 2023 to preside over the affairs of the country.
He also said that he is going to prioritize gas for electricity generation in order to improve and stabilize the power supply.
Nigeria reached an all-time high of 2,496,000mbd in November 2005 according to CEIC data team of ISI Emerging markets, U.K
It has since hovered around 1.94 mbd oil production making her 15th in the world while the nation consumed about 428,000mbd, ranking 37th in the world.
In August, Nigeria produced 972,000mbd but decreased to 938,000mbd in September.
However, in June according to OPEC in its July 2022 Oil Market Report, Nigeria’s crude oil production increased to an average of 1.238mbd, up from 1.233mbd in May 2022.
The sitting All Progress Congress (APC) government of President Muhammadu Buhari which Tinubu is vying to succeed has been hotly criticised for failure to deliver on most of their 2015 and 2019 campaign promises during its more than seven-year administration, creating room for trust deficit in the eyes of over 90 million eligible electorates of Africa’s most populous nation.
Notwithstanding, the erstwhile governor of Lagos State and the one-time senator said in the first four year tenure, if elected, he would increase crude oil production to 2.6 million barrels per day by 2027 and further increase production to 4 million barrels per day by 2030.
A blueprint of his political manifesto obtained by InsideBusiness over the weekend stated that the APC candidate plans to increase domestic crude production by deterring crude oil theft and preventing vandalism of oil pipelines as well as crude infrastructure and assets.
“To increase domestic crude production we must have greater success in deterring crude oil theft and preventing vandalism of our pipelines, crude infrastructure, and assets,” the APC candidate stated in his blueprint.
“Therefore, we will establish a Special Enforcement and Monitoring Unit whose sole mandate will be to protect the nation’s pipelines by deploying technological interventions (stationary aerial monitoring platforms, drones) towards curbing production disruptions.
“Technological assets will be used to surveil and track the movement of vessels and to provide real-time, immediate notification of any breaches or ruptures of pipelines or other facilities,” the document revealed.
In addition, the APC candidate who is also being accused of falsifying his age and educational qualification promised to provide new incentives to boost investment in the oil sector, stressing that he would focus more on investment in frontier oil and gas exploration, particularly in yet untapped parts of the country (for example within the Lake Chad basin).
“To increase our refining capacity, we will explore public-private partnerships in this area. We will consider, as a model, joint venture partnership arrangements entered into between other leading oil producing states and global petrochemical firms.
“We will, further, implement incentives to encourage indigenous participation and mandate IOCs to assign a share of revenues towards knowledge sharing and technology transfer to indigenous companies.
“We will fully implement the Host Community Development Trust which mandates greater assistance and cooperation by oil companies with host communities, particularly in the areas of environmental protection, preservation, and rejuvenation,” Tinubu promised.
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