The Nigerian National Petroleum Company Limited (NNPCL) has increased crude oil production to 1.8 million barrels per day, supporting national economic growth and energy stability.
The country’s daily crude oil production has increased by an additional one million barrels per day (mb/d).
According to Mele Kyari, the Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPCL), the output has now reached 1.8 million barrels per day.
Chief Pius Akinyelure, Chairman of the NNPCL board, expressed his satisfaction with the achievement. However, he emphasized that the organization should maintain its efforts to reach the 3 million barrels per day target by the end of next month.
In the budget estimate for 2025, which will be submitted by the executive to the legislature, a projection of 2.06 million barrels per day is made for next year.
Akinyelure stated that it was undeniable the increase in crude production would positively affect both the company’s and the nation’s economy.
He expressed his great pleasure in being present for the successful demonstration of the management team’s achievement in increasing their production to 1.8 million barrels per day.
“I am thrilled because we understand the positive economic impact it will have on our income at this stage.”
I would also request the management to provide us with a cash flow report of operating income from now until December.
This is only the start. We aim to achieve more milestones and successes at this level.
“The guideline is to ensure we don’t drop below this level. My expectation is that by December, you should be discussing reaching approximately 3mb/d. Let’s make it a goal.”
Kyari informed reporters that the achievement of 1.8 million barrels per day was attributed to the commitment and hard work of NNPCL teams.
“Congratulations on surpassing 1.8 million barrels per day! This achievement showcases the dedication and hard work of all our teams over recent weeks,” he stated, following NNPCL Production War Room Officer Lawal Musa’s presentation of the accomplishment data.
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He disclosed that NNPCL accounted for 80 percent of the production figure and stated that the company plans to “build on this momentum and push” towards higher production by year-end.
Kyari praised the War Room team for their diligent efforts in fulfilling President Bola Tinubu’s directive to increase production to a satisfactory level.
The head of NNPCL emphasized that achieving a higher production level is feasible with the backing of the board, ministers, and security agencies.
Heineken Lokpobri, the Minister of State for Petroleum Resources (Oil), who was also present at the news briefing, expressed confidence that Nigeria can achieve a higher level of crude oil production.
Lokpobri stated, “We have the capability to repeat our successes. Nigeria’s actions benefit all of Africa.”
Nigeria’s production quota set by the Organisation of Petroleum Exporting Countries (OPEC) has stayed at 1.5 million barrels per day this year.
In October, the country’s output was 1.7 million barrels per day (mb/d), but it has now achieved a new milestone of 1.8 mb/d.
Countries might intentionally surpass their quotas to bolster national crude oil reserves, ensuring energy security and preparedness for global emergencies.
Furthermore, certain cartel member countries might deliberately exceed their production quotas by presenting a compensation plan for overproduction. This indicates that the country may decrease its production levels in the future.
