Kehinde Fajobi
The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified its crude oil production figures, confirming it is working with stakeholders to increase output to 2 million barrels per day (bpd) and above by the end of 2024.
This clarification comes as part of the company’s ongoing efforts to increase output in collaboration with stakeholders, with the aim of reaching 2 million barrels per day (bpd) by the end of 2024.
In a statement issued on Monday, Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd., addressed concerns raised by recent media reports.
These reports suggested a discrepancy between the production figures cited by NNPC Ltd. and those from the Nigerian Upstream Petroleum Regulatory Company (NUPRC).
Earlier, reports had highlighted that the NUPRC’s figure of 1.54 million bpd for September was significantly lower than the 1.8 million bpd figure reported by NNPCL for November.
However, Soneye swiftly dispelled these claims, stating, “The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that there is no discrepancy between its crude oil production figures and those supplied by the regulatory agency, the Nigerian Upstream Petroleum Regulatory Company (NUPRC).”
To explain the apparent difference, Soneye pointed out that the two figures referred to different reporting periods.
While NNPCL’s figure of 1.8 million bpd reflects peak production for October 2024, the NUPRC’s 1.54 million bpd pertains to the average production for September 2024.
Further backing up this clarification, Mr. Gbenga Komolafe, the CEO of NUPRC, confirmed the accuracy of the NNPCL’s production figure during the 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos.
He explained that Nigeria’s crude oil output, including condensate, had increased by 16.56%, rising from 1.54 million bpd in September to 1.8 million bpd in October 2024.
Komolafe, who was represented by Enorense Amadasu, the Executive Commissioner for Development & Production at NUPRC, added, “This represents an increase of 253,710 bpd to reach 1.8 million bpd in October, up from 1.54 million bpd in September 2024, representing a 16.56% month-on-month rise.”
Moreover, the NUPRC confirmed that the 1.8 million bpd production not only surpassed Nigeria’s previous output but also exceeded the country’s OPEC quota of 1.5 million bpd.
Concluding the statement, Soneye reaffirmed that “there is, therefore, no disparity or discrepancy in the production figures by NNPCL and the regulator.”