Oil production to hit 2mbpd in two months, NNPCL says
15 November 2024 |
6:09 am
Nigerian National Petroleum Company Limited (NNPCL), yesterday, projected that oil production in Nigeria will hit two million barrels per day in less than two months.
Stakeholders back military crackdown on oil thieves, vandals
Nigerian National Petroleum Company Limited (NNPCL), yesterday, projected that oil production in Nigeria will hit two million barrels per day in less than two months.
This was as stakeholders under the auspices of Movement for the Survival of the Izon Ethnic Nationality in the Niger Delta (MOSIEND) commended the Chief of Defence Staff (CDS), Gen Christopher Musa, and his troops for their decisive actions against oil theft, illegal oi bunkering and pipeline vandalism in the Niger Delta.
While disclosing that oil output now stands at 1.8mbpd, the national oil company also said the country produces 7.4 standard cubic feet (scf) of gas per day.
Although the Minister of Petroleum Resources (Oil), Heineken Lokpobiri, quoted 1.7 million barrels per about a week ago as well as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which has the statutory authority of announcing such figures, the figure quoted by Organisation of Petroleum Exporting Countries (OPEC) earlier this week was about 1.4mbpd.
Group Chief Executive Officer (GCEO) of NNPC, Mele Kyari, in a statement signed by the organisation’s spokesperson, Olufemi Soneye attributed the feat to the Production War Room Team.
“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 terms acceptable to our shareholders based on the mandate we have from the President, the minister and the board,” Kyari explained.
Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the GCEO, Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.
He said the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.
When the Production War Room team was inaugurated on June 25, 2024, he added, production was at 1.430mbpd, but the team swung into action, culminating into the production recovery to 1.7mbpd in August and hitting 1.808mbpd in November.
“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.
Also speaking on the development, the Chairman of NNPCL Board of Directors, Pius Akinyelure, charged the company’s management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.
On his part, Lokpobiri expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.
MOSIEND said the ongoing renewed and assertive approach adopted by the military to end economic sabotage provided the much-needed confidence boost for Niger Delta communities.
Speaking in Port Harcourt, Rivers State, on yesterday, MOSIEND’s President, Kennedy West, said Niger Delta communities had long witnessed and endured the economic and environmental devastation caused by criminal activities in the region.
He said Musa’s public declaration to end the menace signalled a resolve to halt the looting of the nation’s resources and protect the region from environmental devastation. He recalled that from the moment the CDS declared that “oil thieves’ days are numbered”, there had been consistent onslaughts against saboteurs.
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