By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reaffirmed its commitment to increasing Nigeria’s crude oil production to 2 million barrels per day (bpd) and beyond by the end of 2024.
This was disclosed on Monday by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, in response to reports alleging discrepancies between crude oil production figures provided by NNPC Ltd. and the Nigerian Upstream Petroleum Regulatory Company (NUPRC).
Addressing the reports, Soneye clarified that the figures referenced were accurate but pertained to different timeframes.
“There is no discrepancy between the crude oil production figures reported by NNPC Ltd. and those provided by the Nigerian Upstream Petroleum Regulatory Company (NUPRC),” Soneye stated.
Clarification on Reported Figures
The NNPC Ltd. figure of 1.8 million bpd referred to peak production in October 2024, while the NUPRC’s 1.54 million bpd figure represented the average production for September 2024.
This explanation aligns with remarks by NUPRC Chief Executive Officer, Gbenga Komolafe, during the 42nd Annual International Conference & Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos. Represented by the Executive Commissioner for Development and Production, Enorense Amadasu, Komolafe confirmed that Nigeria’s crude output, including condensates, rose by 16.56% to 1.8 million bpd in October, up from 1.54 million bpd in September.
“This increase of 253,710 bpd surpasses the Organization of Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for Nigeria,” Amadasu said.
Focus on Sustained Growth
NNPC Ltd. emphasized its collaboration with key stakeholders to sustain and boost production.
“The milestone reached in October demonstrates the ongoing efforts to meet and exceed targets,” Soneye added, reiterating that Nigeria’s oil production is on track for significant growth by year-end 2024.
The clarification underscores the unified stance of NNPC Ltd. and NUPRC in accurately reporting production figures while highlighting progress in bolstering the country’s crude output.
