NIGERIA’S CRUDE OUTPUT SURGES 16.56% TO 1.8M BPD
Read Time:2 Minute, 51 Second
Nigeria’s crude oil output, including condensate, increased by 16.56 percent to 1.8 million barrels per day, bpd in October 2024, from 1.54 million bpd in September 2024.
Engr. Gbenga Komolafe, Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), disclosed this at the 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos.
He said as a result of this feat, Nigeria has exceeded the 1.5 million bpd quota of the Organisation of Petroleum Exporting Countries, OPEC.
Komolafe which was represented by Enorense Amadasu, Executive Commissioner for Development and Production at NUPRC, said efforts were underway to further increase oil output to two million bpd by December 2024.
Highlighting the theme of the conference, “Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth and Affordability”, Komolafe, said the organization is committed to expanding Nigeria’s oil production capacity.
On his part, the Group CEO of NNPC Ltd, Mele Kyari has reiterated the company’s commitment to resolving Nigeria’s energy trilemma, by ensuring energy security, sustainable growth, and energy affordability.
The GCEO, who was Special Guest of Honour at the occasion, also said the company has perfected plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants soon, as part of efforts to boost the existing 1.6bscf of gas supply for the domestic market.
“The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future. NNPC Ltd is working tirelessly to improve our supply chain, develop new refining capacities and expand our retail network,” Kyari stated.
According to him, NNPC Ltd is set to collaborate with private refineries to ensure affordable and sustainable petroleum products supply; and Naira-for-crude transactions in order to stabilize the local currency and regulate forex markets.
This, he added, will bring about expansion of gas infrastructure such as the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipelines projects and the development of cleaner energy options, such as Liquiefied Natural Gas (LNG) and Compressed Natural Gas (CNG).
“Currently, NNPC Ltd supplies over 1.6 billion standard cubic feet (bscf) of gas per day to the domestic market through infrastructure we either own outright or operate with partners. This distribution network is entirely managed on NNPC Ltd.’s balance sheet,” Kyari added.
Explaining that the Company is expanding its efforts to enhance domestic energy access, the NNPC Ltd helmsman said the next 3-6 months will see significant project launches, including CNG mother stations, mini-LNG plants, and additional CNG daughter stations.
Kyari, who commended President Tinubu’s efforts to relieve forex pressures by reducing fuel imports and strengthening Nigeria’s local refining capacity, emphasized the need for collaboration, innovation, and technology in achieving Nigeria’s energy goals.
“Resolving the energy trilemma requires bold ideas, shared knowledge, and collective determination. Together, let us build a Nigeria where energy is secure, sustainable, and affordable for all.”
On NNPC Ltd’s mandate to guarantee energy security as stipulated by the Petroleum Industry Act, Kyari said the Company has fostered partnerships and investments aimed at enhancing local production and generating revenue for economic diversification.
Reacting to claims that NNPC Ltd is sabotaging the efforts of domestic refineries, Kyari said the NNPC Ltd is part-owners of the Dangote Refinery, stressed further that such investment is a strategic move aimed at strengthening domestic fuel supply.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0