NNPC Ltd achieves 1.8mbpd crude oil production, driven by the Production War Room’s recovery efforts, with a 2mbpd target by year-end in sight.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reached a significant milestone by increasing crude oil production to 1.8 million barrels per day (mbpd) and 7.4 billion standard cubic feet per day (bscfd) of gas.
The announcement was made on 14 November 2024 during a press briefing, highlighting the company’s alignment with President Bola Ahmed Tinubu’s directives.
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NNPC Ltd aims to achieve a production target of 2mbpd by the end of the year, a goal the company believes is within reach given its current trajectory.
The Group Chief Executive Officer, Mr Mele Kyari, praised the Production War Room Team for leading the recovery and escalation process.
“The team has excelled in driving production recovery and reaching levels that meet both short- and long-term expectations of our stakeholders.
This success reflects our commitment to mandates from the President, Honourable Minister, and the Board,” said Kyari.
Providing insights into the achievement, the Chief War Room Coordinator and Senior Business Adviser to the GCEO, Mr Lawal Musa, credited the success to a collaborative effort involving Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, and security agencies.
Musa revealed that when the Production War Room was inaugurated on 25 June 2024, crude production was at 1.43mbpd.
By August, production had risen to 1.7mbpd, and by November, it reached 1.808mbpd.
He expressed confidence that sustained collaboration, particularly on security measures, would enable the company to reach the 2mbpd target by year-end.
NNPC Ltd’s Board Chairman, Chief Pius Akinyelure, commended the team, expressing pride in the recovery process. “I leave here today with my heart full of joy.
I urge management to create cashflow projections based on these figures to aid future planning,” he said, adding his hope for production to reach 3mbpd.
The Honourable Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, applauded the company’s efforts and assured government support for further achievements.
With continued focus on security and collaboration across the oil production chain, NNPC Ltd is poised to sustain its recovery momentum and deliver on its ambitious goals.
