The Nigerian National Petroleum Company Limited (NNPCL) has announced its commitment to collaborate with key stakeholders to increase crude oil production to over two million barrels per day (bpd) by the end of 2024.
Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, shared this information in a statement on Monday, addressing concerns regarding discrepancies in production figures reported by NNPCL and the Nigerian Upstream Petroleum Regulatory Company (NUPRC).
Earlier reports suggested that the NUPRC’s figure of 1.54 million bpd for September was significantly lower than NNPCL’s reported 1.8 million bpd for November. However, Soneye clarified that there is no actual discrepancy between the figures provided by both organizations.
The statement elaborated that the perceived difference arises from the varying timeframes of the reports: the NNPCL figure represents peak production for October 2024, while the NUPRC figure reflects average production for September 2024.
“The Nigerian National Petroleum Company Limited has clarified that there is no discrepancy between its crude oil production figures and those provided by the regulatory agency, the Nigerian Upstream Petroleum Regulatory Company (NUPRC),” the statement noted.
Additionally, NUPRC’s Chief Executive Officer, Mr. Gbenga Komolafe, confirmed this alignment during the recent 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos. He reported that Nigeria’s crude oil output, including condensate, rose by 16.56 percent to 1.8 million bpd in October 2024, up from 1.54 million bpd in September 2024.
Represented by Executive Commissioner for Development & Production, Enorense Amadasu, Komolafe stated: “This marks an increase of 253,710 bpd, bringing October’s production to 1.8 million bpd, a 16.56 percent rise month-on-month.”
NUPRC also confirmed at the conference that the achievement of 1.8 million bpd has allowed Nigeria to exceed its OPEC production quota of 1.5 million bpd.
“There is, therefore, no disparity or discrepancy in the production figures reported by NNPCL and the regulator,” the statement concluded.
