NNPC Ltd Boosts Oil and Gas Production
The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have successfully increased crude oil production to 1.8 million barrels per day (mbpd) and gas production to 7.4 standard cubic feet per day (scfd).
NNPC announced this success at a press briefing on Thursday, following the directives of President Bola Ahmed Tinubu.
Praise for the Production War Room Team
Mr. Mele Kyari, Group Chief Executive Officer, praised the Production War Room Team for their critical role in the recovery process. He stated, “They have done an excellent job in recovering production and boosting it to levels that meet shareholder expectations.”
Collaborative Efforts to Drive Production
In addition, Mr. Lawal Musa, Chief War Room Coordinator and Senior Business Adviser to the CEO, explained how the team reached this milestone. He credited the teamwork among Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, and various government and private security agencies.
Notably, when the Production War Room started on June 25, 2024, production was at 1.430 mbpd. However, the team’s efforts raised production to 1.7 mbpd in August and the current 1.808 mbpd in November.
“We are optimistic that, with this momentum and strong collaboration, especially in security, we can achieve 2 mbpd by year-end,” he added.
Future Goals for Production Increase
Furthermore, Chief Pius Akinyelure, Chairman of the NNPC Ltd Board of Directors, also praised the team and expressed joy over the production recovery. He urged management to create a cash flow projection based on the new production figures for better planning, while setting a goal of increasing production to 3 mbpd.
Lastly, Senator Heineken Lokpobiri, the Honourable Minister of State for Petroleum (Oil), expressed satisfaction with the team’s performance and assured continued support from the Federal Government for ongoing efforts.Get smarter answer from GPT-4o
