The Nigerian National Petroleum Company Limited (NNPCL) and its partners have revved up crude oil and gas production to 1.8 million barrels per day (mbpd) and 7.4 billion standard cubic feet per day (bscfd), respectively.
The company announced this at a press briefing on Thursday, saying the feat was achieved in compliance with the mandate of President Bola Tinubu.
Speaking on the development, the Group Chief Executive Officer (GCEO), Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.
“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 minister and the Board,” Kyari explained.
The Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, gave details of the efforts of the Production War Room.
He 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.
Musa stressed that when the Production War Room team was inaugurated on 25 June, 2024, production was at 1.430mbpd, but the team swung into action.
He said the action of the Production War Room team culminated into it sustaining the production recovery to 1.7mbpd in August and hitting the current 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, Chairman of the NNPCL Board of Directors, Chief Pius Akinyelure, congratulated the team.
He said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy.”
Akinyelure charged the NNPCL Management to come up with a cashflow projection based on the new production figures to facilitate planning. He stressed that he was looking forward to further production increase to 3mbpd.
On his part, the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team.
Senator Lokpobiri also pledged the support of the Federal Government for the company to do more.
