In a statement on Monday, Sylva said necessary measures are being put in place to achieve increased production.
“You must have read the story of the military offensive in the Niger Delta. You also saw the efforts of the Federal Government, when the President mandated the Minister of State for Petroleum Resources, the Group Managing Director (GMD) of NNPC and other key stakeholders in the oil and gas sector to go to Niger Delta and do on-the-spot assessment in the region. It is a measure to shore up our product quota.
“You also saw that the minister has been relating with the international community to increase their investment in the oil and gas sector of the economy.
“If you aggregate all these, you will know that government is making efforts to make sure we are back to the peak of our production in the country.
“You know that the minister is very passionate about Nigeria benefiting from our natural resources. In the last few months, he has been in the vanguard for energy transition.
“He said we cannot just allow the international community to force us to abandon our natural resources because it is counter-productive for us.
“Are we going to get the resources to develop Africa? Where are we going to get the resources to develop Nigeria?
“So, he has been encouraging and pushing for a multi-track programme for the energy transition. It is also a way of encouraging energy investment.
“Two weeks ago, he met European Union (EU) ambassadors to Nigeria and the thrust of the discussion was to put more investment in hydrocarbons, especially gas, so that we can also be of help.
“At the moment, they are in a crisis in Europe. If they don’t put investment, how will Nigeria be able to invest?” the statement quoted the minister as saying.
OPEC had at its 27th OPEC and non-OPEC Ministerial Meeting held on Thursday, Nigeria’s crude oil production quota from the 1.735 million barrels per day target approved in April 2022 to 1.753 million barrels per day for May 2022.
“Following the conclusion of the 27th OPEC and non-OPEC Ministerial Meeting, held via video conference on March 31, 2022, it was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a well-balanced market and that current volatility is not caused by fundamentals, but by ongoing geopolitical developments,” OPEC said