The Nigerian National Petroleum Company Limited (NNPCL) has reached a significant milestone, achieving a production of 1.8 million barrels of crude oil per day. This announcement, made on Thursday, demonstrates the company’s progress in meeting the production targets set by the government.
NNPCL also revealed that its gas production has improved, now standing at 7.4 million standard cubic feet (mmscf) per day, up from 6.1 mmscf earlier in the year. This is crucial for powering the country’s gas infrastructure, particularly the Ajao-Kano-Kaduna (AKK) pipeline.
The company has set its sights on reaching the 2 million barrels per day target by December 2024, as outlined by President Bola Tinubu. This ambitious goal is a reflection of NNPCL’s ongoing efforts to boost Nigeria’s oil production capabilities.
Group Chief Executive Officer (GCEO) of NNPCL, Mele Kyari, previously assured the Senate Committee on Finance that the projections for crude oil production and price benchmarks in the 2024 budget were both realistic and achievable. In his remarks, Kyari emphasized that oil prices were unlikely to fall below $70 per barrel in the foreseeable future, ensuring the sustainability of the budget’s oil revenue projections.
“The number we have is 1.785 million barrels per day, which includes both crude oil and condensate production. This figure aligns with our projections and is realistic, as we continue to see a steady increase in both sectors,” He added.
