Financial Energy Review
The Nigerian National Petroleum Company Limited (NNPC Ltd) has affirmed there is no inconsistency between its crude oil production figures and those provided by the Nigerian Upstream Petroleum Regulatory Company (NUPRC).
NNPC’s Chief Corporate Communications Officer, Mr. Olufemi O. Soneye, made this clarification following media reports suggesting a disparity between the 1.54 million barrels per day (mbpd) for September cited by NUPRC and the 1.8 mbpd for October recorded by NNPC Ltd.
Soneye explained that the apparent difference stems from the periods covered by the respective reports. While NUPRC’s figure represents the average production for September 2024, the 1.8 mbpd cited by NNPC Ltd reflects the peak production achieved in October 2024.
This alignment was further confirmed by NUPRC’s Chief Executive Officer, Mr. Gbenga Komolafe, during the 42nd Annual International Conference & Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos. Represented by Mr. Enorense Amadasu, NUPRC’s Executive Commissioner for Development and Production, Komolafe disclosed that Nigeria’s crude oil output, including condensate, rose by 16.56% in October 2024 to 1.8 mbpd, up from 1.54 mbpd in September.
“This represents an increase of 253,710 barrels per day, marking a significant month-on-month growth,” Amadasu said. He also highlighted that the October production surpassed Nigeria’s Organization of Petroleum Exporting Countries (OPEC) quota of 1.5 mbpd.
Both NNPC Ltd and NUPRC reiterated their commitment to boosting Nigeria’s crude oil production to 2 mbpd or more by the end of 2024.
NNPC Ltd emphasized its ongoing collaboration with stakeholders to achieve this goal and reaffirmed the accuracy and consistency of production data provided by both entities.
