The Federal Government has blamed the lack of investment in the oil and gas industry for Nigeria’s continuing failure to meet its 1.8 million barrels per day oil production quota set by the Organisation of the Petroleum Exporting Countries (OPEC).

Nigeria’s production has stagnated around 1.4mbpd in the past 11 months despite more oil production quantity allocated to it by OPEC and rising oil price.

On Wednesday Brent Crude oil fell by over five per cent to trade at $121.41 per barrel as Russia’s invasion of Ukraine continued.

Speaking at the ongoing Ceraweek, in Houston, Texas, the Minister of State Petroleum Resources, Chief Timipre Sylva said the speed with which international oil companies and other investors were withdrawing investments in hydrocarbon exploitation has contributed significantly to Nigeria’s inability to meet OPEC targets.

Sylva in a statement by his media aide, Horatius Egua, said “the rate at which investments were taken away was too fast. Lack of investment in the oil and gas sector contributed to Nigeria’s inability to meet OPEC quota. We are not able to get the needed investments to develop the sector and that affected us”.


He also cited security challenges as another major factor that contributed to the lack of significant growth of the sector in the country adding that the drive towards renewable energy by climate enthusiasts has discouraged funding for the sector.

Sylva, however, called for a change of attitude, stressing that in decades to come hydrocarbons will continue to play a central role in meeting the energy needs of the world.

The Minister, an advocate of gas as a transition fuel for Africa, said although Nigeria was in full support of the energy transition, Nigeria and the African continent should be allowed to develop at its own pace to be able to meet the energy needs of the over 600 million people who have no access to any form of power in Africa.

“There are about 600 million people in Africa without access to power and of that number the majority live in Nigeria. And of the over 900 million people without access to power in the world, the majority live in Africa. So how do we provide access to power for these people if you say we should not produce gas?

“We believe that gas is the way to go. We believe that gas is the way forward and the one access to power,” the minister said, adding that for the energy transition programme to be taken seriously “We need to have an inclusive energy transition programme”.

He stressed that Nigeria believes “in energy transition but we as Africans have our own peculiar problems and we are saying that our energy transition should be focused on gas to bridge the energy gap. This is what we have been saying. We need a just and equitable energy transition programme”.

https://www.vanguardngr.com/2022/03/why-nigeria-cant-meet-opecs-1-8mb-d-oil-production-quota-%e2%80%95-fg/

Oil price fall we suffer am, oil price high we go still suffer am?
God hope no be say you forget Nigeria and nigerians.
We dey your hand.

Under Buhari we don't even have capacity to meet OPEC quota

iwaeda:
Under Buhari we don't even have capacity to meet OPEC quota

Which time in your history were you able to meet OPEC’s quota?

Name the President? You think by blaming President Buhari exonerates your Father or grandfather from been part of Nigeria’s problem?

Nigerians always looking for a scapegoat, it is always someone else, never us?

buckeyemedia:
Which time in your history were you able to meet OPEC’s quota?

Name the President? You think by blaming President Buhari exonerates your Father or grandfather from been part of Nigeria’s problem?

Nigerians always looking for a scapegoat, it is always someone else, never us?

Years ago Nigeria was doing 2.4 mbpd.
Hope you can read media because of your buckeye.

Things started declining since Buhari wasted years arrive.
No more FDI on new facilities. Learn to be smart and wise, not just defending blindly

buckeyemedia:
Which time in your history were you able to meet OPEC’s quota?

Name the President? You think by blaming President Buhari exonerates your Father or grandfather from been part of Nigeria’s problem?

Nigerians always looking for a scapegoat, it is always someone else, never us?

You lack home training, why do you always come online to blame people's father. Igba ti baba yin ojoyinloju.


Hope you can see the bolded


Speaking at the ongoing Ceraweek, in Houston, Texas, the Minister of State Petroleum Resources, Chief Timipre Sylva said the speed with which international oil companies and other investors were withdrawing investments in hydrocarbon exploitation has contributed significantly to Nigeria’s inability to meet OPEC targets.

Sylva in a statement by his media aide, Horatius Egua, said “the rate at which investments were taken away was too fast. Lack of investment in the oil and gas sector contributed to Nigeria’s inability to meet OPEC quota. We are not able to get the needed investments to develop the sector and that affected us”

No one will invest in unstable economy run by the likes of buhari

Wey the refineries?

iwaeda:


You lack home training, why do you always come online to blame people's father. Igbo ti baba yin ojoyinloju.


Hope you can see the bolded


Speaking at the ongoing Ceraweek, in Houston, Texas, the Minister of State Petroleum Resources, Chief Timipre Sylva said the speed with which international oil companies and other investors were withdrawing investments in hydrocarbon exploitation has contributed significantly to Nigeria’s inability to meet OPEC targets.

Sylva in a statement by his media aide, Horatius Egua, said “the rate at which investments were taken away was too fast. Lack of investment in the oil and gas sector contributed to Nigeria’s inability to meet OPEC quota. We are not able to get the needed investments to develop the sector and that affected us”

No one will invest in unstable economy run by the likes of buhari

Speaking at the ongoing Ceraweek, in Houston, Texas, the Minister of State Petroleum Resources, Chief Timipre Sylva said the speed with which international oil companies and other investors were withdrawing investments in hydrocarbon exploitation has contributed significantly to Nigeria’s inability to meet OPEC targets

You copy and paste something, yet couldn't comprehend it..

Oh boy

And some folks are still clapping for this good for nothing government

.....omaka

helinues:




You copy and paste some4, yet couldn't comprehend it..

Oh boy

In Your mind

iwaeda:


In Your mind

I don't know why some of you people don't even have an eyes pushing.

People go burst you on una lies, instead to admit but una go wan dey carry unnecessary goal post.

You couldn't comprehend what you copy and paste.. Na wah oo

helinues:


I don't know why some of you people don't even have an eyes pushing.

People go burst you on una lies, instead to admit but una go wan dey carry unnecessary goal post.

You couldn't comprehend what you copy and paste.. Na wah oo

Tell me lies you bursted, I gave hard fact, that investors are leaving and no one will invest in buhari, bad economy. You are busy beating about the Bush

iwaeda:


Tell me lies you bursted, I gave hard fact, that investors are leaving and no one will invest in buhari, bad economy. You are busy beating about the Bush

Chief Timipre Sylva said the speed with which international oil companies and other investors were withdrawing investments in hydrocarbon exploitation has contributed significantly to Nigeria’s inability to meet OPEC targets

Gosh, at least if na paper bag, use it to cover your face

helinues:




Gosh, at least if na paper bag, use it to cover your face

Is that you Madridguy

Bullcrap

[img]https://i./3OK0f.gif[/img]

....Looticians looted the money that should have been invested

alanto:
Oil price fall we suffer am, oil price high we go still suffer am?
God hope no be say you forget Nigeria and nigerians.
We dey your hand.

The FG through their foolish policies in connivance with the CBN and all have chased out all potential investors!

FG always putting blames on others.

2022 and we still do not have a working refinery, na one person steal $150m, this is the loot we know of ooo.

Refinery wey no pass $20b to build

JAMB question.

Insincerity for one and the total lack of leadership and economic direction

iwaeda:

Years ago Nigeria was doing 2.4 mbpd.
Hope you can read media because of your buckeye.

Things started declining since Buhari wasted years arrive.
No more FDI on new facilities. Learn to be smart and wise, not just defending blindly

At times you just have to keep quiet instead of embarrassing yourself due to ignorance. Google is there for everyone to use but some lazy youths won't. Had those investors not withdrawn due to security challenges and bad economy, we'd have done more than 1.8m/barrel because we had surpassed that in the past.

Nigeria naira didn't just suffer this way, investors had taken back their dollar and invented elsewhere. Seplat, an indigenous oil company even wanted to buy some of the stakes left behind by one of those oil companies but politics is halting the move

Because we have a mumu as petroleum minister. Oil windfall passing us by. Sai buhari

Gat

Yea. While global warming is an issue, we can't completely jettison use of gas to develop the power sector in Africa at this time. We should develop at a pace synonymous with our capabilities at this time.

Na Buhari cause am , because He is in charge- So yes the leader gets the blame with the whole APC or PDP . Poor leadership with poor results to show for- With the bombing of Ukraine, they still get light. Ordinary 10 hours a day light in major cities in NAIJA - na wahala.

alanto:
Oil price fall we suffer am, oil price high we go still suffer am?
God hope no be say you forget Nigeria and nigerians.
We dey your hand.

Too much sense no go kill u brother, this comment made my day

FG should suspend the petroleum minister jor