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The Federal Government has said that the implementation of the newly enacted Petroleum Industry Act (PIA) will boost the oil production capacity of Nigeria by about 317 percent to four million barrels per day (bpd) from the current level of 1.2 million bpd. Disclosing this in his keynote speech at the 2021 Seplat Energy Summit in Abuja yesterday, Minister of State for Petroleum Resources, Chief Timipre Sylva, stated that this would enable the oil and gas sector contribute more to the economy. Sylva also said that government has rejected a single pathway concept to energy transition and net zero carbon, explaining that energy transition is a process, not an instant destination. He stated: “The PIA 2021 will undoubtedly assist in harnessing Nigeria’s potential to achieve its plan of increasing oil production to 4mb/d and oil reserves from 37bbls to 40bbls, while also drawing on the country’s estimated 600TCF of natural gas reserves to provide clean and efficient energy. “These resources will be crucial in supplying world markets with a broad portfolio of energy options, as well as supporting the global endeavour to alleviate energy poverty as envisioned in the United Nations’ Sustainable Development Goal 7″.
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