Kehinde Fajobi
In October 2024, Nigeria’s crude oil production, including condensate, increased by 16.56% to reach 1.8 million barrels per day (bpd), surpassing its OPEC quota of 1.5 million bpd.
This growth from 1.54 million bpd in September marks a significant achievement for the country’s oil sector.
Engr. Gbenga Komolafe, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), made the announcement at the 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos.
Representing Komolafe, Enorense Amadasu, Executive Commissioner for Development and Production at NUPRC, shared plans to ramp up production to 2 million bpd by December 2024.
“The Nigerian Upstream Petroleum Regulatory Commission is committed to expanding Nigeria’s oil production capacity,” Komolafe said, while discussing the theme of the conference, “Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth and Affordability.”
Meanwhile, Mele Kyari, Group CEO of NNPC Ltd, reiterated the company’s dedication to resolving Nigeria’s energy trilemma, focusing on energy security, sustainable growth, and affordability.
Speaking as the Special Guest of Honour, Kyari highlighted the company’s ongoing plans to introduce 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants to boost the existing 1.6 billion standard cubic feet of gas supplied to the domestic market.
“The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future,” Kyari stated.
He added that NNPC Ltd is also working with private refineries to ensure a steady supply of affordable petroleum products and stabilise the local currency through Naira-for-crude transactions.
Kyari further discussed the expansion of gas infrastructure, including key projects like the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipelines.
He also emphasised the development of cleaner energy options, such as Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG).
“Nigerians can expect significant project launches in the next 3-6 months, including CNG mother stations, mini-LNG plants, and additional CNG daughter stations,” Kyari explained.
In his remarks, Kyari commended President Bola Tinubu for his efforts to reduce fuel imports and strengthen Nigeria’s local refining capacity, urging continued collaboration, innovation, and technology to secure Nigeria’s energy future.
Addressing claims of NNPC Ltd undermining domestic refineries, Kyari clarified that NNPC Ltd is a part-owner of the Dangote Refinery, describing this investment as a strategic move to enhance Nigeria’s domestic fuel supply.