The Nigerian National Petroleum Company Limited has announced it has successfully ramped up crude oil and gas production to 1.8 million barrel per day and 7.4 billion standard cubic feet of gas per day.
This was disclosed in a statement by the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, on Thursday.
NNPCL also stated that it is aiming to achieve a production target of 2 million bpd by the end of the year.
Commenting, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team for their role in driving the recovery of NNPC’s production levels.
“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms, acceptable to our shareholders based on the mandates that we have from the President, the Honourable Minister, and the Board,” Kyari said.
The Senior Business Adviser to the Group CEO, Mr. Lawal Musa, noted that the production recovery was achieved through collaborative efforts involving NNPC’s Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, and both government and private security agencies.
He noted that the interventions that led to this recovery spanned all areas of the production process, with security agencies providing critical support by closely monitoring and securing the pipelines.
“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.
In his remarks, the Chairman of the NNPC Ltd. Board of Directors, Chief Pius Akinyelure, while also congratulating the team, urged the company’s management to develop a cash flow projection based on the new production figures to aid in planning, emphasizing that he was looking forward to further increasing production to 3 million barrels per day (mbpd).
NNPC’s announcement of 1.8 million bpd in crude oil production comes shortly after OPEC’s monthly report, which showed Nigeria’s output for October was 1.43 million bpd.
However, NNPC did not disclose in its press briefing whether the 1.8 million bpd figure includes blended or unblended condensate.
