SEO Riders:
- – PETAN urges Nigeria to increase crude oil production to meet refining demands
- – Nigeria’s refining capacity expansion necessitates boost in oil output
- – Call for national policy to ensure sustainable crude oil production levels
The Petroleum Technology Association of Nigeria (PETAN) has called for an immediate increase in Nigeria’s crude oil production to align with the country’s expanding refining capacity. PETAN Chairman, Wole Ogunsanya, emphasized that with the Dangote Refinery’s 650,000 barrels per day (bpd) capacity and the anticipated addition of the BUA Refinery’s 350,000 bpd next year, domestic crude demand will surge to approximately 900,000 bpd. This includes 200,000 bpd for NNPC refineries and 50,000 bpd for modular plants.
Ogunsanya warned that without scaling up production, Nigeria risks underutilizing its refining infrastructure, leading to continued reliance on imported refined products and potential revenue losses. He advocated for a national policy to consistently produce at least 2 million bpd, ensuring both domestic consumption and export needs are met.
Furthermore, PETAN highlighted the importance of retaining a significant portion of the oil and gas value chain within the country. By doing so, Nigeria could strengthen its economy and reduce dependency on foreign entities.
