CRUDE OIL PRODUCTION REACHES 1.8 MILLION BARRELS PER DAY – NNPCL
Read Time:1 Minute, 58 Second
According to the Nigerian National Petroleum Company Limited (NNPCL), crude oil production has surpassed 1.8 million barrels per day.
In addition to making the news on Thursday, the state-owned oil corporation said it is expected to reach the two million barrels per day goal set by President Bola Tinubu by December 2024.
In order to power the gas infrastructure, particularly the AKK, the business also disclosed that it is currently producing 7.4 million standard cubic feet of gas. Compared to 6.1 mmscf earlier in the year, this is an improvement.
According to the NNPCL, the achievement, which is in line with the government’s budget, is a testament to the hard work of all of its teams over the previous few weeks.
During an interactive session with the Senate Committee on Finance at the National Assembly in December last year, the Group Chief Executive Officer (GCEO) of the Company, Mr. Mele Kyari, had assured that the projections on crude oil production and price benchmark for the 2024 Budget were realistic and realizable.
Speaking on the dynamics of the market in relation to the projected budget benchmark price of $77.96 per barrel, Kyari said: “With what we see in the market today and potentially in the year 2024 and even beyond the next two years, it is very unlikely to see $70 per barrel oil in the market. The oscillation we are seeing, sometimes you do see prices coming down to $75 to the barrel and sometimes it goes above it, overall, benchmarks are averages. We think that the proposal by Mr. President around the $77.96 is still realisable in 2024.”
READ ALSO:
JUST IN: REMAINS OF LATE COAS LAGBAJA ARRIVE ABUJA FOR FUNERAL
On the crude oil production projection, Kyari had stated: “The number we have is 1.785mbpd. This is cumulative of all oil produced in the country. This figure is inclusive of all production including crude oil and condensate.
“I need to make this clarification because of the reports in the media that our OPEC quota is 1.5million barrels per day. The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 barrels per day of condensate in our production. When you combine the two, the 1.78mbpd is realistic and realisable.”
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0