The Nigeria National Petroleum Company (NNPC) has declared its plans to escalate crude oil production, aiming to achieve an output of two million barrels per day (mbpd) by the end of the year.
This follows the group’s recent recovery alongside its partners, reaching 1.8 million barrels per day (mbpd), which it described as a boost to the nation’s energy.
The Chief Executive Officer, Mele Kyari, made this known to the newsmen during a press briefing on Thursday.
According to Kyari, this great feat was achieved in compliance with the mandate of President Bola Tinubu and with the strategic recovery effort spearheaded by its Production War Room, to
sustain momentum and drive further growth in the nation’s oil output.
“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 mandates that we have from the President, the Honourable Minister, and the Board,” Kyari explained.
Highlighting the initiative’s impact, Chief War Room Coordinator and Senior Business Adviser to the Group, Lawal Musa, revealed that the success was achieved through collaboration among Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, and government and private security agencies.
Musa explained that these collaborative efforts covering every stage of the production chain, were backed by security agencies who monitored the pipelines closely.
He added that when the Production War Room team was launched on June 25, 2024, production stood at 1.43 million barrels per day (mbpd). The team’s actions led to sustained production growth, reaching 1.7 mbpd in August and achieving 1.808 mbpd 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.
Meanwhile, the NNPC Chairman to the Board of Directors, Pius Akinyelure, expressed satisfaction with the production recovery and commended the team for their efforts. He urged the company’s management to prepare a cash flow projection based on the new production figures to aid in planning, emphasizing his anticipation of a further increase in production to 3 million barrels per day (mbpd).
Similarly, the Minister of State for Petroleum (Oil), Heineken Lokpobiri, commended the team’s performance and pledged the Federal Government’s continued support to help the company achieve even more.
