Nigeria To Become Net Exporter Of Petroleum Products By Year End – NNPCL - Latest News
Nigeria to Become Net Exporter of Refined Petroleum Products by December
Introduction:
Nigeria is set to become a net exporter of refined petroleum products by December 2024, according to the Nigerian National Petroleum Company Limited (NNPCL). This development is attributed to the increase in crude oil production, which is a result of the Executive Orders issued by President Bola Tinubu and the efforts of NNPCL and other industry stakeholders.
The NNPCL Group CEO, Mr. Mele Kyari, announced this during an Emergency Interactive Session with managers of the nation’s economy organised by the Senate Committee on Finance at the National Assembly in Abuja on Monday. He highlighted the recent increase in crude oil production, attributing it to Executive Orders issued by President Bola Tinubu and the concerted efforts of NNPCL and other industry stakeholders to combat low crude oil production.
Mr. Kyari also assured that NNPC Limited remained committed to its mandate of ensuring national energy security as outlined in the Petroleum Industry Act (PIA) 2021. He added that the Port Harcourt Refinery will start production early next month, followed by the one in Warri and Kaduna Refinery latest by December. In a few months, the daily crude oil production will hit two million barrels with the logistics so far put in place.
Conclusion:
This development is a significant milestone for Nigeria's oil and gas industry. Becoming a net exporter of refined petroleum products will not only boost the country's economy but also provide employment opportunities for Nigerians. We can expect a significant increase in crude oil production, which will hit two million barrels per day in a few months. The Port Harcourt Refinery will start production early next month, followed by the one in Warri and Kaduna Refinery latest by December. This is a testament to the efforts of NNPCL and other industry stakeholders in combating low crude oil production.
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