NNPC Boosts Crude Oil Production To 1.8 Million Barrels Per Day

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced an increase in crude oil production to 1.8 million barrels per day (mbpd), with ambitions to reach 2 million mbpd by the close of 2024.

The announcement, made during a press briefing on Thursday, highlights the NNPC’s success in meeting President Bola Ahmed Tinubu’s directive to revitalize the nation’s oil production levels.

Group Chief Executive Officer, Mr. Mele Kyari, commended the Production War Room Team for spearheading this recovery. “The team has done an exceptional job, not only in stabilizing production but in accelerating it to meet our shareholders’ expectations and the mandate given by President Tinubu, the Minister of Petroleum, and the NNPC Board,” Kyari remarked.

Chief War Room Coordinator and Senior Business Adviser, Mr. Lawal Musa, shared insights into the operation’s progress, noting the pivotal role played by collaboration between Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, and a mix of public and private security agencies.

“When we launched the Production War Room on June 25, 2024, output was at 1.43 mbpd. Since then, our team’s swift and targeted actions boosted production to 1.7 mbpd by August and now to 1.808 mbpd as of November,” Musa said. He emphasized that with continued support, especially from security agencies protecting the pipelines, the 2 mbpd target is well within reach by year’s end.

NNPC Ltd. Board Chairman, Chief Pius Akinyelure, also lauded the production team’s accomplishments, expressing personal pride in their work. “I leave here today with my heart full of joy,” he said, while urging NNPC management to prepare cashflow projections based on these new production levels to aid in future planning. Akinyelure also voiced optimism about an eventual increase to 3 mbpd.

Senator Heineken Lokpobiri, Honourable Minister of State for Petroleum (Oil), praised the team’s performance and reaffirmed the Federal Government’s commitment to supporting NNPC’s goals.

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