NNPCL has achieved a major milestone, reaching 1.8 million barrels per day (mbpd) in crude oil production. The company is on track to meet President Bola Tinubu's target of 2 million barrels per day by December 2024. Additionally, NNPCL has increased gas production to 7.4 mmscf.
The Nigerian National Petroleum Company Limited (NNPCL) announced that it has reached a significant milestone, producing 1.8 million barrels of crude oil per day. This achievement brings the company closer to meeting the target set by President Bola Tinubu to hit 2 million barrels per day by December 2024. The NNPCL also revealed that it has increased its gas production to 7.4 million standard cubic feet per day (mmscf), up from 6.1 million earlier in the year, highlighting the progress made in powering critical gas infrastructure such as the Ajaokuta-Kaduna-Kano (AKK) pipeline.
The company’s performance aligns with the government's projections for the 2024 budget, with NNPCL maintaining optimism about reaching its production goals. During a recent session with the Senate Committee on Finance, NNPCL’s Group Chief Executive Officer (GCEO), Mr. Mele Kyari, explained that the price benchmark of $77.96 per barrel for the 2024 budget was achievable despite fluctuations in global oil prices. He noted that while oil prices may occasionally dip to around $75, they generally stay above the $70 mark, making the $77.96 target realistic.
Kyari also clarified that NNPCL’s reported production figure of 1.8 million barrels per day includes both crude oil and condensate and the company is continuing efforts to expand its output. This milestone marks an important step for the company in contributing to Nigeria's economic growth, particularly in oil exports and gas development.
