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Nigeria’s target of two million barrels per day in 2024 is feasible, says Mele Kyari

The signing of the $550 million Final Investment Decision (FID) for the development of Ubeta gas is a testament that President Bola Tinubu's bid to attract investment into Nigeria's energy sector is beginning to succeed.

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The Group Chief Executive Officer (GCEO) of NNPC Ltd., Mr. Mele Kyari, said at the official unveiling of the $550 million Final Investment Decision (FID) for the development of Ubeta gas that the production of 2 million barrels per day is feasible.

The GCEO said at the signing ceremony on Thursday at the NNPC Towers in Abuja that in the last three months, the company had reached peak production.

Persecondnews reports that Nigeria’s total oil production increased marginally by 1.45% in May 2024 to 1.46 million barrels per day, up from 1.44 million barrels per day in April, contrary to claims by officials that output had reached 1.7 mbpd last month.

Kyari said: “In the last three months, we have reached peak production. I can assure you that 2 million bpd is feasible.

“We are committed to increasing crude oil production; every obstacle on the way will be surmounted. We have the full backing of the federal government to make sure production comes to normalcy.

“We request the support of all Nigerians to achieve this and that of the ministers.”

The signing of the $550 million Final Investment Decision (FID) for the development of Ubeta gas is a testament that President Bola Tinubu’s bid to attract investment into Nigeria’s energy sector is beginning to succeed.

Located about 80 km northwest of Port Harcourt in Rivers State, the OML 58 license contains two fields currently in production: the Obagi oil field and the Ibewa gas and condensate field. OML 58 gas production is processed in the Obite treatment centre and supplied to both the Nigerian domestic gas market and the Nigeria LNG (NLNG) plant.

Also located in OML58, the Ubeta gas condensate field will be developed with a new 6-well cluster connected to the existing Obite facilities through an 11 km buried pipeline.

When completed, the plant would generate 350 million standard cubic feet per day of gas and 10,000 barrels per day of associated liquids.

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