The Federal Government is on course to increase its revenue from the oil and gas sector as the Nigerian National Petroleum Company Ltd (NNPC), in partnership with stakeholders, has boosted crude oil production to 1.8 million barrels per day.
This milestone was announced by the Group Chief Executive Officer, Mele Kyari, at a meeting held at the Oil Production War Room, located at NNPC Headquarters in Abuja on Thursday.
Presided over by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, the meeting included key attendees such as the NNPC Ltd Board Chairman, Chief Pius Akinyelure; Group CEO of NNPC Ltd, Mele Kyari; Chief Financial Officer Mr. Adedapo Segun; Executive Vice President for Downstream, Mr. Isiyaku Abdullahi; Executive Vice President for Upstream, Udobong Ntia; and Chief Upstream Investment Officer of NNPC Upstream Investment Management Services, Mr. Bala Wunti, among others.
During an interactive session with the Senate Committee on Finance at the National Assembly last December, the GCEO assured that the 2024 Budget’s oil production targets and price benchmarks were realistic and attainable.
NNPC also disclosed an increase in gas production to 7.4 million standard cubic feet per day (mmscf), particularly aimed at powering the gas infrastructure, including the AKK project. This figure marks an improvement from 6.1 million mmscf earlier in the year.
The NNPC highlighted that this success reflects the sustained dedication of its teams and aligns with the government’s budgetary targets.
At the meeting, Chief Production War Room Officer, Lawal Musa, expressed appreciation for the collaboration between NNPC, government agencies, private security organisations, local communities, and other stakeholders in overcoming production challenges and achieving this milestone.
“Today, the entire industry is very proud; we are grateful to have crossed the 1.8 million barrels per day mark. This is a significant milestone. For a long time, we have not been able to achieve this. Concurrently, we have also surpassed 7.4 BCF of gas. This is monumental,” he said.
He added that NNPC remains fully aligned and committed to delivering even greater value, aiming to reach 2 million barrels per day by year-end—a goal he believes is achievable.
Reflecting on challenges, Musa mentioned that when the war room launched on June 25, crude production stood at 1.43 million barrels per day, later surpassing 1.7 million by August 11, meeting the industry’s mandate.
“We are proud that, even before the end of the year, as early as August, we crossed that mark. We are confident that with this same momentum and active collaboration, especially on the security front, we will see clear interventions, faster recovery, and better delivery to the market, which will help us reach 2 million barrels per day before the end of the year,” he noted.
Minister Lokpobiri described the achievement as remarkable, emphasising that NNPC Ltd has the potential to meet and even exceed the 2 million barrels per day target.
“Today, we are grateful to have crossed the 1.8 million barrels per day mark and also surpassed 7.4 BCF of gas; this is our agenda. The entire team is fully aligned and committed to delivering greater value, and we are committed to reaching 2 million barrels per day by the end of the year,” he stated.
“This is possible. This is achievable. I am very proud as a minister. We can do it again. On behalf of the Ministry of Petroleum Resources and the Federal Government of Nigeria, let me formally congratulate the Chairman, board members, and management of NNPC for navigating this process.”
NNPC Board Chairman, Chief Akinyelure, added that this achievement is only the beginning, urging NNPC’s management and staff to continue striving to exceed the expectations of the company’s shareholders.
“This is just the beginning; we want to see more landmark accomplishments,” he concluded.
