The Nigerian National Petroleum Company Limited (NNPCL) reaffirmed its commitment to increasing crude oil production to “2 million barrels per day (bpd)” or more by the end of 2024.
The announcement was made by the Chief Corporate Communications Officer, Olufemi Soneye, on Monday, as the company addressed recent claims of production data inconsistencies.
Soneye dismissed reports suggesting a disparity between production figures reported by NNPCL and the Nigerian Upstream Petroleum Regulatory Company (NUPRC), emphasizing that the perceived differences stem from variations in the periods covered by the reports.
In a statement, Soneye explained: “There is no discrepancy between the crude oil production figures provided by NNPCL and those supplied by the regulatory agency, NUPRC.
The difference arises from the reporting periods.
NNPCL’s figure represents peak production for October 2024, while NUPRC’s figure is the average production for September 2024.”
This clarification aligns with comments made by NUPRC’s Chief Executive Officer, Gbenga Komolafe, at the “42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition” in Lagos.
Represented by the Executive Commissioner of Development & Production, Enorense Amadasu, Komolafe confirmed that Nigeria’s crude oil output, including condensate, increased by “16.56%” in October 2024, reaching “1.8 million bpd”, up from “1.54 million bpd in September 2024”.
The NUPRC further noted at the event that October’s production levels exceeded Nigeria’s “1.5 million bpd quota” set by the Organisation of Petroleum Exporting Countries (OPEC).
This marks a significant milestone in the country’s efforts to boost production and regain its position in the global oil market.
“The 1.8mbpd production in October represents an increase of 253,710 bpd from September’s output,” the NUPRC CEO stated, highlighting a month-on-month rise in production.
NNPCL reiterated its collaborative efforts with industry stakeholders to sustain the upward trend and achieve the “2mbpd production target by the end of December 2024”.
The statement emphasized that achieving this goal remains critical for bolstering Nigeria’s economy and meeting international obligations.
“There is, therefore, no disparity or discrepancy in the production figures reported by NNPC Ltd and the regulator,” the statement concluded, reinforcing the alignment between both entities.
This development underscores the government’s resolve to address production challenges and leverage the oil sector to drive economic growth
