The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed the 1.8 million barrels per day (bpd) production figures earlier released by the Nigerian National Petroleum Company Limited (NNPC Ltd) at a conference organized by the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
NUPRC CEO Gbenga Komolafe, speaking to stakeholders, clarified that the commission’s data aligns with the NNPC Ltd figures, contrary to reports suggesting otherwise.
At the 42nd NAPE Annual International Conference & Exhibition in Lagos, Komolafe stated that Nigeria’s crude oil output, including condensate, increased by 16.56% to 1.8 million bopd in October 2024, up from 1.54 million bopd in September 2024. He noted that this milestone surpasses the Organisation of Petroleum Exporting Countries’ (OPEC) quota of 1.5 million bpd for Nigeria.
“This represents an increase of 253,710 bpd, a 16.56% month-on-month rise,” he explained.
Represented by Enorense Amadasu, Executive Commissioner for Development and Production at NUPRC, Komolafe disclosed that efforts are underway to further boost oil output to 2 million bpd by December 2024.
Highlighting the conference theme, “Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth, and Affordability,” he reaffirmed NUPRC’s commitment to expanding Nigeria’s oil production capacity.
Checks by this newspaper confirm that this position aligns with the NNPC Ltd, which announced it and its partners had increased crude oil and gas production to 1.8 million bpd and 7.4 billion standard cubic feet (bscf) per day. NNPC Ltd made this announcement at a press briefing, attributing the achievement to directives from President Bola Ahmed Tinubu.
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Contrary to earlier misconstrued reports, the figures from NUPRC and NNPC Ltd are identical. A review of NUPRC’s delayed October production data, as Nigeria’s upstream oil and gas sector regulator, claimed production was 1.538 million bpd. However, this has been clarified to include condensate, bringing the total to 1.8 million bpd, consistent with NNPC Ltd’s report and that of the Ministry of Petroleum Resources.
NNPC Ltd Group Chief Executive Officer, Mele Kyari, reiterated that production had reached 1.8 million bopd and outlined plans to increase this figure to 2 million bopd. He commended the Production War Room Team for their role in the recovery process.
“The team has done a remarkable job, not only recovering production but also escalating it to levels acceptable to our shareholders, based on mandates from the President, the Honourable Minister, and the Board,” Kyari stated.
Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Lawal Musa, detailed the collaborative efforts behind the achievement. He highlighted the contributions of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, and security agencies. These interventions ensured the recovery of production across all segments of the chain while securing pipelines.
Musa added that when the Production War Room was inaugurated on June 25, 2024, production stood at 1.43 million bpd. Since then, the team’s efforts raised production to 1.7 million bpd in August and 1.8 million bopd in November.
“With sustained momentum and collaboration, particularly on the security front, achieving 2 million bpd by year-end is realistic,” he stated.
NNPC Ltd Board Chairman Chief Pius Akinyelure congratulated the team, expressing joy at the progress. He urged management to prepare a cash flow projection based on the new production figures for better planning and expressed optimism for further increases to 3 million bpd.
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