The Nigerian Content Development and Monitoring Board, NCDMB, says lack of investment in the country’s oil sector is the reason for low production and decreased foreign exchange earnings.
Engr Simbi Wabote, Executive Secretary of the NCDMB, disclosed this at a meeting with media stakeholders on Wednesday.
He stressed that outside crude oil vandals, lack of investment in the oil and gas sector has impacted the country’s production capacity.
“Contrary to the popular view, the unfortunate stealing of our crude oil by vandals is not the only reason for Nigeria’s low production numbers and the decrease in our foreign exchange earnings.
“Our nation’s production deficit is partly caused by the lack of major investments in the past decade, declining oil production from ageing oil fields, and the clamour for an energy transition which caused international oil companies to cut back on new projects”, he stated.
thedabigal reports that Nigeria lags in its 2023 budget oil benchmark at 1.69 mbpd as it produced 1,269.000 barrels per day in August 2023.