NNPC Hits 1.8m BPD Oil Production, Set To Increase Government Revenue
Nigeria’s oil and gas industry is set to contribute more to the national coffers as the Nigerian National Petroleum Corporation NNPC Ltd increased crude oil production to 1.8 million barrels per day, a result of effective collaboration between stakeholders.
This announcement was made by the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, at the Oil Production War Room in the company’s Headquarters in Abuja late last week.
Chaired by Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, the meeting was attended by key NNPC Ltd executives, including Chairman Pius Akinyelure, Group Chief Executive Mele Kyari, Chief Financial Officer Adedapo Segun, Executive Vice President, Downstream Isiyaku Abdullahi, Executive Vice President, Upstream Udobong Ntia, and Chief Upstream Investment Officer, Bala Wunti, among others.
During an engaging discussion with the Senate Committee on Finance last December, the Group Chief Executive Officer (GCEO) of NNPC Ltd assured the committee members that the projections for crude oil production and the price benchmark for the 2024 Budget were not only feasible but achievable.
In addition to the crude oil production milestone, NNPC Ltd also announced that it has increased its gas production to 7.4 million standard cubic feet, a significant improvement over the 6.1 million mmscf produced earlier in the year.
NNPCL attributed this achievement, which is in line with the government’s budget, to the unwavering commitment of all its teams who have worked tirelessly over the past weeks to ensure the successful execution of the gas production plan.
The Chief Production War Room Officer, Lawal Musa stated at the meeting that under the strong leadership of NNPC, working in close collaboration with all stakeholders, notably partners, government security agencies, private security agencies, and local communities, they were able to achieve a significant increase in production through a concerted effort within the system, effective external engagement, and harmonious alignment with regulators.
He said, “Today, the entire industry is very proud; we are grateful to have crossed the 1.8 million barrels per day mark. This is a significant milestone. For a long time, we have not been able to achieve this. Concurrently, we have also surpassed 7.4 BCF of gas. This is monumental.
He noted that NNPC is completely dedicated to creating additional value for the country by striving to achieve a production volume of 2 million barrels per day by the end of the year. Confident in the company’s ability to attain this objective, he asserted that this target is well within reach.
In his words, “We are proud that, even before the end of the year, as early as August, we crossed that mark. We are confident that with this same momentum and active collaboration, especially on the security front, we will see clear interventions, faster recovery, and better delivery to the market, which will help us reach 2 million barrels per day before the end of the year.”
Addressing the meeting, the Minister of Petroleum praised NNPC Ltd’s accomplishment as exceptional, asserting that the company has clearly shown its capability to attain and potentially exceed the December target of 2 million barrels per day.
The minister said, “Today, we are grateful to have crossed the 1.8 million barrels per day mark and also surpassed 7.4 BCF of gas; this is our agenda. The entire team is fully aligned and committed to delivering greater value, and we are committed to reaching 2 million barrels per day by the end of the year.
“This is possible. This is achievable. I am very proud as a minister. We can do it again. On behalf of the Ministry of Petroleum Resources and the Federal Government of Nigeria, let me formally congratulate the Chairman, board members, and management of NNPC for navigating this process.”
Chief Pius Akinyelure, the Chairman of the NNPC Board also noted “This is just the beginning; we want to see more landmark accomplishments.”
