The Nigerian National Petroleum Company Limited (NNPC Ltd.) has issued a statement to clarify that there is no discrepancy between its reported crude oil production figures and those provided by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The clarification follows media reports suggesting a mismatch between the 1.54 million barrels per day (mbpd) figure for September reported by NUPRC and the 1.8 mbpd production figure for October cited by NNPC Ltd.
NNPC Ltd. explained that the 1.8 mbpd figure referenced its peak crude oil production for October 2024, while the NUPRC’s figure of 1.54 mbpd corresponds to the average production for September 2024. The company emphasized that both figures are aligned, with the apparent discrepancy stemming from the different reporting periods.
In a statement, Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd., reassured that the two sets of data are consistent and that the difference was due to the varying timeframes covered. “The 1.8 million barrels per day reported by NNPC Ltd. reflects peak production for October 2024, whereas the 1.54 million barrels per day from NUPRC represents average production for September,” he clarified.
Soneye further noted that the NNPC Ltd. is working closely with industry stakeholders to increase production to 2 million barrels per day by the end of 2024.
The NNPC Ltd.’s statement also referenced comments made by Gbenga Komolafe, the CEO of NUPRC, at the 42nd Annual International Conference & Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos. At the event, Komolafe confirmed that Nigeria’s crude oil production, including condensates, had increased by 16.56% from 1.54 million barrels per day in September to 1.8 million barrels per day in October, an increase of 253,710 barrels per day.
Additionally, Soneye highlighted that October’s production exceeded Nigeria’s OPEC-set quota of 1.5 million barrels per day, reinforcing the country’s commitment to boosting output.
Looking ahead, NNPC Ltd. remains focused on achieving its target of 2 million barrels per day or more by the close of 2024.
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