….. Target 2 mbpd by year-end
The Nigerian National Petroleum Company Limited has announced a significant increase in crude oil production, reaching 1.8 million barrels per day.
The company shared this milestone at its Upstream briefing in Abuja on Thursday.
According to Group Chief Executive Officer, Mele Kyari, the team’s goal is to escalate production to levels acceptable to shareholders.
Kyari expressed gratitude to President Bola Tinubu and the Minister of State Petroleum Resources, Sen. Heineken Lokpobiri, for their continuous support in achieving the presidential mandate.
Congratulating the Production War Room Team that led the production recovery process, the company’s Group Chief Executive Officer, Mr Mele 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 term, acceptable to our shareholders based on the mandates we have from the President, the Honourable Minister, and the Board.”
Giving details of the Production War Room’s efforts, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the achievement was the result of collaboration between Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.
He noted that interventions to restore production spanned every segment of the production chain, with security agencies closely monitoring pipelines.
Musa added that when the Production War Room team was inaugurated on 25th June 2024, production was at 1.430 mbpd. The team then swung into action, sustaining production recovery to 1.7 mbpd in August and reaching 1.808 mbpd in November.
“We are confident that, with this momentum and active collaboration from all stakeholders, particularly on the security front, reaching 2 mbpd by the end of the year is achievable,” he stated.
Speaking on the development, the Chairman of the NNPC Ltd. Board of Directors, Chief Pius Akinyelure, who also congratulated the team, expressed joy in being part of the production recovery process, adding, “Today, I will leave this place with my heart full of joy.”
He urged the company’s management to prepare a cash flow projection based on the new production figures to aid planning and expressed hope for further production increases to 3 mbpd.
The Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, also expressed satisfaction with the team’s performance and pledged the Federal Government’s support for the company to achieve more.
