NNPC Ltd Hits 1.8mbpd Crude Oil Production, Targets 2mbpd By Year End
The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have scaled up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).
The company which announced this on Thursday, November 14, 2024 at a press briefing, said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.
Speaking on the development, Mr Mele Kyari, Group Chief Executive Officer of NNPC Ltd. congratulated the Production War Room Team that anchored the production recovery process, saying that the team has done a great job in driving the project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to shareholders based on the mandates from the President, Minister, and the Board.
Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, said the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.
Musa explained that the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.
He said that when the Production War Room team was inaugurated on the 25th June 2024, production was at 1.430mbpd, but the team swung into action, culminating into it sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.
In the words of Musa; “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”.
Also speaking, Chairman of the NNPC Ltd Board of Directors, Chief Pius Akinyelure, also congratulated the team, saying that he was happy to be part of the production recovery process.
He said; “Today, I will leave this place with my heart full of joy” and charged the Company’s Management to come up with a cash flow projection based on the new production figures to facilitate planning, adding that he was looking forward to further production increase to 3mbpd.
Speaking in turn, the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.