As Nigeria’s production volume continues to decline due to lingering technical challenges and theft, the Federal Government has rallied upstream operators on the need to increase investment and embrace the use of artificial intelligence, virtual and machine learning in exploration and production.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the industry is plagued by investor skepticism, high-level competition, climate change and clamor for a clean environment, thus necessitating a paradigm shift in the exploration and production value chain, to stay afloat.
The latest monthly report of the Organisation of Petroleum Exporting Countries (OPEC) also showed that Nigeria’s rig count slumped to nine from 11.
The Chief Executive Officer, NUPRC, Gbenga Komolafe, at the ongoing Nigerian Association of Petroleum Explorationists (NAPE) 2021 conference yesterday, in Lagos, noted that oil production in Nigeria had declined to an average of 1.6 million barrels per day in 2021.
He said this decline in production could be attributed to theft, insecurity, aging facilities, decline in exploration and production enhancement initiatives.
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