The Organization of Petroleum Exporting Countries (OPEC) has urged Nigeria to show commitment by meeting established targets in the oil and gas sector. OPEC believes that Nigeria can fulfill the cartel’s quota with sufficient determination. Specifically, Ademola Adeyemi-Bero, Chairman of the Board of Governors of OPEC, stated that Nigeria should aim to produce up to four million barrels of oil per day based on its hydrocarbon potential.
In his address at the Heirs Energies’ Nigeria Petroleum Industry Leadership Discourse in Abuja, Adeyemi-Bero expressed confidence that Nigeria could exceed its current quota of 1.5 million barrels per day (mbpd). Furthermore, he emphasized that the country must prove it can increase its OPEC quota.
He highlighted that achieving an oil production level of 1.7 mbpd in January marked a significant improvement. He stated, “It’s crucial to understand that, based on Nigeria’s reserves, the country should not produce less than two million barrels a day. In fact, Nigeria can produce two and a half, three, or even four million barrels daily. I believe we can achieve this, and many in OPEC agree. However, we must show we can reach these production levels.”
Additionally, Adeyemi-Bero discussed his responsibilities as Chairman of the Board of Governors. He explained that while the OPEC secretariat handles various functions, the board must approve actions. He noted, “The board consists of representatives from all OPEC member countries. Consequently, I chair this group to align its agenda with key OPEC priorities. I also ensure that proposals for the conference receive careful preparation, which requires communication with our home base.”
Moreover, he committed to helping Nigeria achieve a production target of 2.1 mbpd. He said, “We are setting a production level of 2.1 mbpd. My role as an OPEC governor, in collaboration with OPEC’s structure in Nigeria, is to help us reach this quota responsibly. Once we secure that quota, I will engage with my colleagues.”
During a panel discussion, Minister of Petroleum Resources (Oil) Heineken Lokpobiri noted that President Bola Tinubu’s reforms are revitalizing the oil sector. He stated that bureaucratic delays in contract approvals have disappeared, thereby aiding efforts to increase oil production.
He explained, “We’ve implemented reforms in the system. President Bola Tinubu has provided strategic leadership. Previously, you needed connections to get your documents signed. However, now, you don’t need to know me for approval. I sign recommendations from the NUPRC within 24 hours. After that, I move on to the next task. Many of you can attest to this,” Lokpobiri said.
