The projections of 1.78 million barrels per day (bpd) of crude oil production and price of $77.96 per barrel outlined as benchmarks in the 2024 federal appropriations will be achieved, the Nigerian National Petroleum Company Ltd. (NNPCL) said on Wednesday.

The Group Chief Executive Officer of the company, Mele Kyari, in a release, said there are convincing indications that would increase the country’s oil production.

While disclosing this at an interactive session with the Senate Committee on Finance at the National Assembly, Kyari said: “With what we see in the market today and potentially in 2024, it is very unlikely to see $70 per barrel oil in the market. The oscillation we are seeing, sometimes you do see prices coming down to $75 to the barrel and sometimes it goes above it. Overall, benchmarks are averages. We think that the proposal by Mr. President around the $77.96 is still realisable in 2024.

“The number we have is 1.785mbpd. This is cumulative of all oil produced in the country. This figure is inclusive of all production including crude oil and condensate. I need to make this clarification because of the reports in the media that our OPEC quota is 1.5 million bpd. The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 bpd of condensate in our production.”
When you combine the two, the 1.78mbpd is realistic and realisable.”

Kyari said though there were challenges such as security and force majeure, the measures being deployed by the Federal Government would be able to take care of them to guarantee the projected level of production.

He said the level of dividends remittance to the Federation Account as stated in the Medium-Term Expenditure Framework, adding that the projected dividends from the Nigeria Liquefied Natural Gas Ltd. was also realizable and would be flowed directly into the Federation Account as stipulated by the law.

While answering a question on the Company’s Road Tax Credit Scheme, Kyari explained that all the roads being undertaken under the scheme would be duly completed, adding that the scheme was anchored by the Ministry of Works while the Federal Inland Revenue Service and NNPC Ltd. were only playing supervisory roles to ensure that value is delivered for every kobo paid.