The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified reports of a discrepancy in crude oil production figures between its records and those of the Nigerian Upstream Petroleum Regulatory Company (NUPRC)......READ THE FULL STORY>>.....READ THE FULL STORY>>
According to NNPC Ltd. spokesman, Mr. Olufemi Soneye, the seeming disparity is due to differences in the period of coverage in the reports.
The NUPRC had reported a production figure of 1.54 million barrels per day (mbpd) for September, which was lower than the 1.8 mbpd cited by NNPC Ltd. for November.
However, NNPC Ltd. explained that its figure was the peak production for October 2024, while the NUPRC’s figure was the average production for September 2024.
The clarification was confirmed by the Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe, at the 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos.
Komolafe disclosed that Nigeria’s crude oil output, including condensate, increased by 16.56% to 1.8 mbpd in October 2024, from 1.54 million bpd in September 2024.
The CEO of NUPRC, who was represented by the Executive Commissioner, Development and Production, Mr. 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 a 16.56 percent month-on-month rise.”
The increase represents a rise of 253,710 barrels per day, pushing Nigeria’s production beyond the 1.5 mbpd quota set by the Organisation of the Petroleum Exporting Countries (OPEC).
NNPC Ltd is working closely with relevant stakeholders to boost production to 2 mbpd and above by the end of 2024.
The clarification has put to rest concerns over the discrepancy in production figures, with both NNPC Ltd and NUPRC confirming that there is no disparity.
The increase in production is a welcome development for Nigeria’s oil and gas industry, which has been working to increase output in recent years.
The NUPRC’s confirmation of the increase in production is a testament to the efforts of NNPC Ltd and other stakeholders in the industry.
The regulator’s role in ensuring accurate reporting and transparency is crucial in maintaining investor confidence and promoting growth in the sector.
The development is expected to have a positive impact on Nigeria’s economy, which relies heavily on oil and gas revenues.
The increase in production is also expected to improve the country’s energy security and reduce reliance on imported petroleum products.
Persecondnews recalls that the Nigerian National Petroleum Company Limited (NNPC Ltd.) had announced a significant increase in crude oil production, reaching 1.8 million barrels per day.
The company shared this milestone at its Upstream briefing in Abuja.
According to Group Chief Executive Officer Mele Kyari, the team’s goal is to escalate production to levels acceptable to shareholders.
Kyari expressed gratitude to President Bola Tinubu and the Minister of State Petroleum Resources, Sen. Heineken Lokpobiri, for their continuous support in achieving the presidential mandate.
Chief War Room Officer, Lawal Musa, noted that since the War Room’s creation on June 25, production has steadily increased from 1.4 mbpd to 1.7 mbpd in August and now 1.8 mbpd.
Musa is optimistic about reaching 2 mbpd by year-end, which would fulfil the presidential mandate.
This progress is a testament to the committed leadership of the minister and the GCEO.
The increase in oil production offers a positive outlook for Nigeria’s economy.
As the country’s largest oil company, NNPC Ltd.’s progress is a significant step toward achieving energy security and economic growth.
