Nigeria’s oil production rose to 1.8m bpd in October, a 16.56% increase, aligning with NNPC figures. Efforts underway to hit 2m bpd by year-end.

[dropcap]N[/dropcap]igeria’s crude oil production surged to 1.8 million barrels per day (bpd) in October 2024, marking a 16.56% increase from the 1.54 million bpd recorded in September.

This update was confirmed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) during the 42nd Annual Conference of the Nigerian Association of Petroleum Explorationists (NAPE) held in Lagos.

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Gbenga Komolafe, NUPRC’s Chief Executive Officer, reaffirmed the alignment of the Commission’s data with figures released earlier by the Nigerian National Petroleum Company Limited (NNPC).

Contrary to reports suggesting discrepancies, Komolafe clarified that both organisations are in agreement on the production figures.

“Crude oil output, including condensate, rose significantly, allowing Nigeria to surpass the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd,” Komolafe said.

Represented by Enorense Amadasu, the NUPRC boss announced plans to further boost production to 2 million bpd by December 2024.

The NNPC corroborated these figures, noting the success of collaborative efforts to revamp production levels. Group Chief Executive Officer, Mele Kyari, highlighted the role of the Production War Room Team in recovering and increasing output.

Kyari praised the team’s efforts since its inauguration in June 2024, when production stood at 1.43 million bpd. Through strategic partnerships involving Joint Ventures, Production Sharing Contracts, security agencies, and the National Security Adviser’s office, production has steadily risen, achieving the 1.8 million bpd milestone.

“We are optimistic that with sustained collaboration, particularly on security, Nigeria can achieve 2 million bpd by year-end,” stated Lawal Musa, Chief War Room Coordinator.

Chairman of the NNPC Board of Directors, Chief Pius Akinyelure, expressed satisfaction with the progress. He urged the company to leverage the increased production for financial planning and set an ambitious target of 3 million bpd.

The conference, themed “Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth, and Affordability,” underscored the strategic focus on enhancing Nigeria’s oil production capacity while fostering economic stability.

Source: Read more at punchng.com