The Nigerian National Petroleum Company Limited (NNPC Ltd.) has clarified that its crude oil production figures align with those of the Nigerian Upstream Petroleum Regulatory Company (NUPRC).
Mr. Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., made this known in a statement on Monday.
Soneye provided the clarification following reports suggesting a discrepancy between the 1.54 million barrels per day (mbpd) figure for September cited by NUPRC and the 1.8 mbpd figure for November cited by NNPC Ltd.
He explained that the apparent difference was due to the varying periods covered in the reports. According to him, NNPC Ltd.’s figure represents the peak production for October 2024, while NUPRC’s figure is the average production for September 2024.
The statement noted that the Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe, confirmed this at the recent 42nd Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition in Lagos.
Komolafe revealed that Nigeria’s crude oil output, including condensate, rose by 16.56 per cent to 1.8 mbpd in October 2024, compared to 1.54 mbpd in September 2024.
“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 per cent month-on-month rise,” Komolafe was quoted as saying.
He further stated that the 1.8 mbpd milestone exceeded Nigeria’s 1.5 mbpd quota set by the Organisation of Petroleum Exporting Countries (OPEC).
“There is, therefore, no disparity or discrepancy in the production figures by NNPC Ltd. And the regulator. NNPC Ltd is working closely with relevant stakeholders to boost production to 2 mbpd and above by the end of 2024,” the statement added.
Backstory
Nairametrics previously reported that NNPC Ltd. claimed it achieved 1.8 million barrels per day (bpd) of crude oil production in November—a figure that has been widely disputed.
- The claim was not supported by any data, as no official figures have been released to cover the period in question.
- Meanwhile, newly released data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that Nigeria’s total crude oil production stands at 1.53 million bpd. This has further cast doubt on the accuracy of NNPC Ltd.’s claim, with many questioning whether the figures will align once official data is released.
- Notably, Nigeria has yet to meet its OPEC production quota of 1.5 million bpd, owing to challenges such as oil theft, pipeline vandalism, low investment in the sector, and other systemic issues hindering higher output.
- If NNPC Ltd.’s claim proves accurate, it could signal prospects for economic growth, improved naira stability, and increased foreign exchange earnings for the country.
SOURCE: NAIRAMETRICS
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