Abuja, Nigeria – November 14, 2024
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a significant increase in crude oil and gas production, reaching 1.8 million barrels per day (mbpd) and 7.4 billion standard cubic feet (bscf) of gas.
This achievement, part of a broader production recovery strategy, aligns with the mandate set by President Bola Ahmed Tinubu and was disclosed at a press briefing on Thursday.
NNPC Ltd.’s Group Chief Executive Officer, Mr. Mele Kyari praised the Production War Room Team for steering the production recovery effort.
“The team has done a great job in not only restoring production but also elevating it to levels that meet both short-term and long-term expectations, as mandated by the President and the Board,” Kyari stated.
He further highlighted the strategic importance of sustaining production levels that enhance the nation’s energy security and revenue flow.
The rapid increase in output was a coordinated effort involving NNPC Ltd.’s Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, and various government and private security agencies.
Chief War Room Coordinator and Senior Business Adviser to the Group CEO, Mr. Lawal Musa detailed the progress, noting that production climbed from 1.430 mbpd when the team was inaugurated on June 25, 2024, to 1.7 mbpd in August, finally reaching 1.808 mbpd in November.
Musa emphasized the vital role of security in achieving this target, with security agencies monitoring pipelines to mitigate production disruptions.
He expressed confidence in reaching the next goal of 2 mbpd by the end of the year, contingent on sustained collaboration across sectors.
The Chairman of NNPC Ltd.’s Board of Directors, Chief Pius Akinyelure, shared his satisfaction with the progress, expressing optimism about NNPC’s potential for continued growth.
“Today, I leave with a heart full of joy, witnessing the results of this dedicated team,” he remarked, urging the management to create a cash flow projection based on the new production figures for strategic planning and even greater output increases.
Senator Heineken Lokpobiri, the Honourable Minister of State for Petroleum (Oil), also applauded the team’s accomplishments and confirmed the Federal Government’s commitment to supporting NNPC Ltd. as it aims to secure Nigeria’s position in the global energy market.
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