By Hosea Parah, Abuja
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a significant milestone, increasing its crude oil production to 1.8 million barrels per day (mbpd), with plans to reach 2mbpd by the end of the year. The company also reported a gas production of 7.4 billion standard cubic feet per day (bscfd).
This achievement was disclosed at a media briefing held on Thursday at the NNPC Towers in Abuja. Group Chief Executive Officer (GCEO) of NNPC Ltd, Mr. Mele Kyari, attributed the success to the collaborative efforts of the company’s Production War Room Team, which played a key role in both the recovery and acceleration of production levels. Kyari commended the team for their hard work, noting that the feat aligned with the mandates from President Bola Ahmed Tinubu to enhance national oil output.
“The team has done a great job in driving this project of not just production recovery but also escalating production to levels that are acceptable to our shareholders, both in the short and long term,” Kyari said.
The recovery process, which was initiated following the establishment of the Production War Room on June 25, 2024, began with a production level of 1.43mbpd. Since then, the team has ramped up output to 1.7mbpd by August, eventually reaching 1.808mbpd in November.
Mr. Lawal Musa, the Chief War Room Coordinator and Senior Business Adviser to the GCEO, explained that the recovery was driven by a series of strategic interventions, including collaboration with Joint Venture and Production Sharing Contract partners, as well as extensive security measures to protect vital infrastructure. “The efforts cut across every segment of the production chain, with security agencies actively monitoring pipelines,” Musa said.
The NNPC Ltd management is optimistic about further increasing production, with the goal of achieving 2mbpd by the close of 2024. The company’s Board Chairman, Chief Pius Akinyelure, expressed pride in the team’s accomplishments and emphasized the need for a revised cash flow projection to reflect the new production figures.
“I am thrilled to be part of this production recovery process, and I look forward to seeing even greater progress. Our ultimate target is 3mbpd,” Akinyelure stated.
The Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, also praised the team’s performance, pledging the federal government’s continued support to help NNPC Ltd achieve its ambitious production goals.
The announcement marks a pivotal moment for Nigeria’s oil sector, as NNPC Ltd seeks to reverse declining production and meet national energy needs. The company remains confident that continued collaboration among stakeholders, especially in terms of security, will sustain this positive momentum