The Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Authority have confirmed that the country’s crude oil production has surpassed the 1.5 million barrels per day quota set by the Organisation of the Petroleum Exporting Countries m.
The Chief Corporate Communications Officer of NNPC, Olufemi Soneye,
made this disclosure in a statement on Monday, clarifying that there is no discrepancy between the NNPC’s production figures and those reported by the Nigerian Upstream Petroleum Regulatory Company.
The company clarified the situation against the backdrop of reports that the 1.54 million barrels per day for September, as cited by the NUPRC, was far below the 1.8mbpd for November, as cited by the NNPC.
According to Soneye, the apparent disparity between the 1.54 million bpd for September and the 1.8 million bpd for November arose from the difference in the reporting periods.
He clarified that the figures were not inconsistent but represented different timeframes.
“The seeming disparity is as 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,” Soneye said.
He added that this fact was confirmed by the Chief Executive Officer of the NUPRC, 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, 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 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,” he said.
Soneye reaffirmed that the NNPC is collaborating with relevant stakeholders to increase Nigeria’s crude oil production to 2 million barrels per day (bpd) and beyond by the end of 2024.
