Concerns about the purported disparity between its crude oil production numbers and those provided by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have been addressed by the Nigerian National Petroleum Company Limited (NNPCL). According to sources, Nigeria’s oil production was 1.54 million barrels per day (mbpd) in September 2024, although NNPCL recorded 1.8 mbpd in October 2024. This led to uncertainty.
NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, clarified the matter in a statement, saying that the apparent disparity results from the reports’ varying time periods. In particular, NNPCL’s production value of 1.8 mbpd represents the October 2024 high, while NUPRC’s output figure of 1.54 mbpd represents the average production for September 2024. This differentiation between average and peak output numbers was essential in elucidating the variation.
During the 42nd Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition in Lagos, Gbenga Komolafe, the Chief Executive Officer of NUPRC, provided additional support for this clarification by confirming that the nation’s crude oil production, including condensates, had increased from 1.54 million barrels per day in September to 1.8 million barrels per day in October 2024. With this increase, Nigeria’s oil production increased by 16.56%, indicating a favorable trend. This improvement, he said, represented a 253,710 barrels per day increase in a single month.
NNPCL added that Nigeria’s crude oil production quota of 1.5 mbpd, mandated by the Organization of Petroleum Exporting Countries (OPEC), is exceeded by the October peak production of 1.8 mbpd. The business also emphasized its continued efforts to collaborate with pertinent parties in order to boost Nigeria’s oil production even further, with the goal of surpassing 2 mbpd by the end of 2024.
This clarification highlights NNPCL’s dedication to transparency and helps to allay any fears regarding a discrepancy in the oil output data. The corporation hopes to make a substantial contribution to Nigeria’s oil industry and international energy markets by renewing its commitment to increasing production. Furthermore, NNPCL’s cooperation with other industry participants demonstrates the nation’s intention to optimize its potential and maintain oil production stability despite changes in the world market. In order to guarantee the sector’s continuous growth and development, the statement further restates the significance of truthful reporting and cooperation amongst important industry stakeholders.
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