The Federal Government is set to earn increased revenue from the oil and gas sector, with crude oil production reaching 1.8 million barrels per day, a significant accomplishment led by the Nigerian National Petroleum Company Ltd (NNPCL) in partnership with industry stakeholders.
This was unveiled by NNPCL’s Group Chief Executive Officer, Mele Kyari, during a meeting at the Oil Production War Room at the NNPC Headquarters in Abuja on Thursday.
The meeting was chaired by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and attended by top NNPCL executives, including Chairman of the NNPC Ltd Board, Chief Pius Akinyelure; Group CEO, Mele Kyari; Chief Financial Officer, Mr. Adedapo Segun; and Executive Vice Presidents Mr. Isiyaku Abdullahi (Downstream) and Udobong Ntia (Upstream), among others.
This achievement follows a projection by Kyari last December during an interactive session with the Senate Committee on Finance, where he affirmed the feasibility of NNPCL’s crude production goals aligned with the 2024 Budget.
In addition to increased oil output, NNPCL has ramped up gas production, now yielding 7.4 million standard cubic feet daily to power the country’s gas infrastructure, particularly the Ajaokuta-Kaduna-Kano (AKK) gas pipeline. This increase from 6.1 million cubic feet earlier in the year underlines NNPCL’s commitment to bolstering Nigeria’s energy sector in line with government targets.
According to Lawal Musa, the Chief Production War Room Officer, the collaboration between NNPCL, industry stakeholders, government agencies, private security, and local communities has been instrumental in achieving this level of production. He praised the teamwork and engagement efforts that have made this milestone possible.
“Today, the entire industry is very proud; we are grateful to have crossed the 1.8 million barrels per day mark,” Musa said. “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.”
Musa further expressed optimism about reaching a 2 million barrels per day target by year’s end, noting that oil production was previously at 1.43 million bpd in June, rose to 1.7 million bpd by August, and is now consistently above 1.8 million bpd. This aligns with a mandate from the President, calling for accelerated production growth to reach the 1.7 million bpd milestone.
“With continued momentum and strengthened security measures, we anticipate faster recovery and better market delivery, helping us achieve the 2 million barrels per day goal by year-end,” Musa added.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, applauded NNPCL’s achievement, describing it as “remarkable” and a clear indication of the company’s capacity to achieve – and possibly 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, the entire team is fully aligned and committed to delivering greater value. This goal is possible and achievable. On behalf of the Ministry of Petroleum Resources and the Federal Government of Nigeria, I extend my congratulations to the Chairman, board members, and NNPC management for their dedication.” He said.
NNPC Ltd Board Chairman, Chief Pius Akinyelure, expressed confidence in the company’s future, calling the recent achievements “just the beginning of greater accomplishments” for NNPCL. He encouraged the management and staff to build on this success and continue striving to exceed shareholder expectations.
“This is just the beginning; we want to see more landmark accomplishments,” Akinyelure stated, highlighting the company’s commitment to sustaining the upward trajectory and further enhancing Nigeria’s oil and gas sector.
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