Nigeria, the largest oil producer and exporter in Africa, hopes that its newly adopted petroleum industry law will help it hike its oil production by 310 percent to 4 million barrels per day (bpd), Nigerian Petroleum Minister Timipre Sylva said this week. Nigeria currently produces just below 1.3 million bpd, as per OPEC’s latest official data. The African OPEC member is one of the OPEC producers that have struggled in recent months to pump as much oil as their quota under the OPEC+ deal allows, due to force majeure circumstances at pipelines carrying crude to export terminals.
The Petroleum Industry Act (PIA), which became law in August, will help Nigeria achieve its target to pump 4 million bpd, minister Sylva said at an energy conference, as carried by local outlet Premium Times.
The new law will also allow the country to increase its crude oil reserves from 37 billion barrels to 40 billion barrels, and to extract more gas, which it sees as a key fuel in the energy transition, the minister added. “First is the Focus on Gas. For us, this is at the heart of the energy transition and represents the first step in the journey to renewables away from oil. Already, we have declared that gas is our transition fuel, and also represents a destination fuel, as we envisage that it will be part of our energy mix by 2050, given the vast resources that can be commercialized and utilized,” Sylva said. In the middle of August, Nigerian President Muhammadu Buhari signed the country’s newly passed petroleum bill into law, marking the end of 20 years of efforts at Africa’s top oil producer to overhaul its oil industry. The new petroleum act aims to attract more foreign capital to the country’s oil sector, Nigeria says. The bill took two decades to be finalized, and hopes to overhaul the way Nigeria will share its oil resources with international oil companies as the country looks to attract new in;vestment in oil and gas. NN Their is no shortage of fossil fuel. OPEC is at it again. Their is a shortage of smart people in power. The grenniewinnnesss made a play to force their green agenda. And they missed the mark. You can have a tantrum stamp your feet but reality is it aint’ gonna happen. The world needs fossil fuels… It took 50 years to electrify America. The internal combustion engine took 100 years to refine the design and install production infrastructure (repair shops, refineries and gasoline stations) to become the standard for transportation. It will take 50 years for the EV to be the transportation standard if ever. And its not decided who the winner will be. You have fuel cells and hydrogen still in the race. To changes how the world heats and generates electricity you are looking at 75 years. Most of the world still heats by combustion. Even the heat pump requires electricity generated by mostly coal. Sure we will get their…. But the way we will go to renewable energy still needs a few more breakthroughs. In the meantime the most abundant fuel after coal is natural gas. As far as the price of oil… this is a bubble… In fact its more like a blip on the radar screen. I have seen 5 times now oil price collapsing once it goes over $70 a barrel. AS WE SPEAK THE DRILLED HOLES THAT WERE SHUT DOWN OR NEVER PUT IN PRODUCTION ARE ALIVE AGAIN!! And OPEC’S MARKET MANIPULATION WILL FAIL AS IT ALWAYS DOES.