Success Nwogu 
A former Director with the defunct Department of Petroleum Resources, (DPR), Engineer Sunday Adebayo Babalola, has said the target of the federal government for Nigeria to achieve 4 million barrels per day of oil production by 2030, is achievable.
He stated that though currently Nigeria’s oil production is low and has not been consistently meeting the production quota set for her by the Organization of Petroleum Exporting Countries (OPEC) for many months, Nigeria has the capacity to meet and even surpass it.
Babalola, who currently is Technical Advisor, Green Energy International Limited (GEIL), also called on oil companies operating in the downstream sector to enhance peace and collaboration with their host communities as a veritable strategy to maintaining industrial peace and improved oil production.
In an interview with New Telegraph on Monday, he also warned that meeting the 4 mbpd target will not be an easy task.
Recall that the Special Adviser to the President on Energy and Head of the Energy Office of the Presidency, Olu Verheijen recently said that Nigeria is aiming for growth in its oil and gas production, targeting four million barrels per day of oil by 2030.
According to her, this goal is backed by new fiscal incentives aimed at boosting investment in the oil and gas sector.
She noted that President Bola Tinubu recently announced these incentives, which include a waiver on Value Added Tax for gas, diesel, and related equipment, along with tax credits for new investments in deepwater oil and gas production.
Babalola said: “The federal government target of 4mbpd of oil production is achievable. However, the way things are, it won’t come in one day. It is going to be realizable because the government is opening up more opportunities for more people. And that will help the target. We need to improve on security in the oil producing and bearing areas, because nobody will walk in and invest in an environment that is restive or having security issues. You have to be able to bring in money, to be able to drill wells, to go deeper, and to produce more gas, and more oil.
“It’s not a joke. It takes a lot of determination and efforts and funding. So, it will create an environment for the funding where we can hit the target. We have the people who have the brains to do this work. There are talented and dedicated Nigerians who are experienced and competent in the sector. They were actually running most of those International Oil Companies (IOCs.) And they can run their own. They can and are ready to move the sector forward
“Ensuring peace in the host communities which will improve security is also essential. The Petroleum Industry Act, which prescribes a certain percentage for host communities could also help.
The PIA is helpful, if it’s implemented by both the companies and the host communities. I also think the laws that are going to help them to implement that are already in place.”
