Nigerian National Petroleum Company Limited (NNPCL) has addressed concerns regarding discrepancies in reported crude oil production figures.
The issue arose from media reports suggesting a mismatch between the figures provided by NNPCL and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The confusion stemmed from differences in the reporting periods of the two organizations.
NNPCL reported a peak production figure of 1.8 million barrels per day (mbpd) for October 2024, while NUPRC cited an average production of 1.54 mbpd for September 2024. Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, clarified, “The seeming disparity is a result of the difference in the period of coverage in the reports.”
This clarification was further supported by Gbenga Komolafe, CEO of NUPRC, who confirmed at the 42nd Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition that Nigeria's crude oil output, including condensates, indeed rose from 1.54 mbpd in September to 1.8 mbpd in October 2024.
He stated, “This represents an increase of 253,710 bpd to reach 1.8 mbpd in October, up from 1.54 mbpd in September 2024.”
NNPCL emphasized its commitment to transparency and collaboration with stakeholders to enhance Nigeria's crude oil production.
The company aims to boost production to 2 mbpd and above by the end of 2024, surpassing the 1.5 mbpd production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
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