The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its partners have increased crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).
According to a statement released by the Chief Corporate Communications Officer of NNPC Ltd., Mr. Olufemi Soneye, the company announced the feat at a press briefing in Abuja on Thursday, November 14, 2024.
The company disclosed that the milestone was achieved in compliance with the mandate of President Bola Ahmed Tinubu.
In his remarks, the Group Chief Executive Officer, Mr. Mele Kyari congratulated the Production War Room Team that anchored the production recovery process.
His words: “The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms, acceptable to our shareholders based on the mandates that we have from the President, the Honourable Minister, and the Board.”
The Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, while disclosing the efforts of the Production War Room stated that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser (NSA), as well as government and private security agencies.
Mr. Musa explained that the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.
He emphasised that when the Production War Room team was inaugurated on June 25, 2024, production was at 1.430mbpd. However, he noted that the team swung into action, culminating into it sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.
“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” Musa added.
Similarly, the Chairman of the NNPC Ltd. Board of Directors, Chief Pius Akinyelure lauded the team, expressing delight to be part of the production recovery process.
“Today, I will leave this place with my heart full of joy,” Mr. Akinyelure said, and charged the company’s management to propose a cashflow projection based on the new production figures to facilitate planning.
The Chairman stressed that he was looking forward to further production increase to 3mbpd.
On his part, the Honourable Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.
