The Nigerian National Petroleum Company Limited (NNPCL) has achieved a significant milestone by increasing its crude oil production to 1.8 million barrels per day (bpd), positioning the country for a surge in revenue from the oil and gas sector.
The announcement was made on Thursday, November 14, during a meeting at the NNPC headquarters in Abuja, which was attended by key stakeholders in the energy industry, including the Minister of State for Petroleum Resources, Heineken Lokpobiri.
Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPCL, expressed optimism that the company is on track to meet its target of 2 million barrels per day by the end of 2024.
Kyari, alongside other NNPC executives and board members, briefed the Minister on the company’s impressive performance, which also includes surpassing 7.4 million standard cubic feet (BCF) of gas production.
“Today, we are very proud to have crossed the 1.8 million bpd mark. This is a historic achievement, and we are well-positioned to reach 2 million bpd by year-end,” Kyari stated during the session.
The progress follows a concerted effort by the NNPC and its stakeholders, including local communities, security agencies, and private partners, to improve oil production and security.
The company’s efforts to restore and expand production capabilities have been critical in meeting the government’s budgetary expectations and stabilizing Nigeria’s oil output.
Lawal Musa, Chief Production War Room Officer, highlighted that the company had started the year with a production rate of 1.43 million bpd in June. By August, this had increased to 1.7 million bpd, marking a significant recovery after previous setbacks.
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Kyari further stressed the importance of continued collaboration across all sectors to maintain the momentum and achieve the 2 million bpd target by December.
The Minister of Petroleum Resources, Heineken Lokpobiri, also commended the milestone, calling it “a remarkable achievement” and reaffirming that the NNPC is poised to not only meet but exceed the year-end goal.
“This is a testimony to the strength of our oil industry and the commitment of everyone involved,” Lokpobiri said.
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