In a speech to an oil and gas conference in Abuja, Shell’s director for sub-Saharan Africa, Ian Craig, said Nigeria could produce four million barrels of oil per day (bpd) but that major changes would be needed for this to happen, reports Reuters.
“We still face major challenges … (there is) chronic underfunding of the onshore Joint Ventures where NNPC (the Nigerian National Petroleum Corporation) is the majority shareholder, Craig told the conference.
The greatest challenge however, is the massive organised oil theft business and the criminality and corruption, which it fosters. This drives away talent … increases costs, reduces revenues, both for investors and the government and results in major environmental impacts, he said. Click here to read more