NNPCL TARGETS 2MB/D OIL PRODUCTION BY END OF DECEMBER

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The Nigerian National Petroleum Company Limited has said it is working closely with relevant stakeholders to boost crude oil production to 2 million barrels per day and above by the end of 2024.

This was revealed by the Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye on Monday while dispelling reports on production disparity figures supplied by the company and the Nigerian Upstream Petroleum Regulatory Company (NUPRC).

Earlier reports in a section of the media had alleged that the 1.54 million barrels per day for September cited by the NUPRC was far below the 1.8mbpd for November cited by the NNPC Ltd.

However, Soneye said there was no disparity between production given by both stakeholders.

“The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that there is no discrepancy between its crude oil production figures and those supplied by the regulatory agency, the Nigerian Upstream Petroleum Regulatory Company (NUPRC),” the statement read in part.

It explained that the seeming disparity is a result of the difference in the period of coverage in the reports – whereas the NNPC Ltd.’s figure was the peak production for October 2024, the NUPRC’s figure was the average production for September 2024.

“This fact was confirmed by the Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe, at the recent 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos where he disclosed that Nigeria’s crude oil output, including condensate, increased by 16.56 per cent to 1.8mbpd million in October 2024, from 1.54 million bpd in September 2024.

“The CEO of NUPRC who was represented by the Executive Commissioner, Development & Production, Enorense Amadasu, was quoted as saying: “This represents an increase of 253,710, bpd to reach 1.8 million bpd in October, up from 1.54 million bpd in September 2024, representing 16.56 per cent month-on-month rise”.

“The NUPRC also confirmed at the NAPE event that the 1.8mbpd feat pushed Nigeria’s production beyond the 1.5mbpd quota of the Organisation of Petroleum Exporting Countries (OPEC).

“There is, therefore, no disparity or discrepancy in the production figures by NNPC Ltd and the regulator,” the statement added.