Energy: Why NNPCL attains 1.8mbpd production, targets 2mbpd by end of 2024 –GCEO

*The Nigerian National Petroleum Company Limited disclosed the state oil company and its partners have increased crude oil and gas production to 1.8million barrels per day and 7.4billion standard cubic feet respectively

Alexander Davis | ConsumerConnect

Following its production recovery and increasing production to expected levels, the Nigerian National Petroleum Company Limited (NNPCL) has said the state oil company and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4billion standard cubic feet (bscf).

ConsumerConnect reports the NNPCL, which announced this development at a media briefing Thursday, November 14, 2024, in Abuja, FCT, said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.

Speaking on the development in the company during the briefing, Malam Mele Kyari, Group Chief Executive Officer (GCEO) of NNPCL, congratulated the Production War Room Team that anchored the production recovery process.

Kyari said:
“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms, acceptable to our shareholders based on the mandates that we have from the President, the Honourable Minister, and the Board.”

As regards the efforts of the Production War Room on attaining new production levels, Mr. Lawal Musa, Chief War Room Coordinator and Senior Business Adviser to the GCEO, disclosed the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, the government, and private security agencies in the West African country.

Musa also explained the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.

He equally noted when the Production War Room team was inaugurated June 25, 2024, production was at 1.430mbpd, but the team swung into action, culminating in its sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd November this year.

The Chief War Room Coordinator and Senior Business Adviser to Kyari stated: “We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year.”

In his remarks on the development Thursday, Chief Pius Akinyelure, Chairman of the Board of Directors of NNPC Limited, congratulated the team.

Chief Akinyelure said he was happy to be part of the production recovery process.

The Board Chairman asserted: “Today, I will leave this place with my heart full of joy.”

He, therefore, charged the NNPCL Management to come up with a cashflow projection, based on the new production figures to facilitate planning.

According to him, he is looking forward to further production increase to 3mbpd.

Senator Heineken Lokpobiri, Honourable Minister of State for Petroleum (Oil), expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more in the oil and gas industry in Nigeria.