- The Nigerian National Petroleum Company Limited (NNPC Ltd.) has confirmed its crude oil production figures for October 2024
- NNPC's November crude oil output was at 1.8 million barrels per day (bpd), NUPRC reported 1.53 million barrels per day (bpd)
- NNPC attributed production difference to varying reporting periods
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has confirmed that its crude oil production numbers are in line with the figures reported by the Nigerian Upstream Petroleum Regulatory Company (NUPRC).
This follows an earlier claim by NNPC that it produced 1.8 million barrels per day (bpd) of crude oil in November. However, data from the NUPRC indicated that Nigeria’s overall crude oil output was 1.53 million bpd.
NNPC explains figure difference, cites varying reporting periods
Mr. Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd., shared this update in a statement on Monday, November 25.
He attributed the difference to the varying periods covered by the reports. He stated that NNPC Ltd.’s figure corresponds to the peak production for October 2024, while the NUPRC’s figure is based on the average production for September 2024.
It was noted in the statement that Mr Gbenga Komolafe, CEO of NUPRC, confirmed this at the recent 42nd Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition in Lagos.
komolafe highlights 253,710 bpd increase in Nigeria's October production
According to Komolafe, Nigeria's crude oil output, including condensate, grew by 16.56% to 1.8 Mbps in October 2024, compared to 1.54 Mbps in the previous month.
“This represents an increase of 253,710 bpd to reach 1.8 million bpd in October, up from 1.54 million bpd in September 2024, representing a 16.56 per cent month-on-month rise,” the statement read.
Additionally, he pointed out that the 1.8 mbpd achievement went beyond Nigeria's OPEC-imposed quota of 1.5 mbpd.
“There is, therefore, no disparity or discrepancy in the production figures by NNPC Ltd. And the regulator. NNPC Ltd is working closely with relevant stakeholders to boost production to 2 Mbps and above by the end of 2024,” the statement added.
NNPC announces major management reshuffle
Meanwhile, TheRadar earlier reported that NNPC announced the appointment of Mr Adedapo Segun as Chief Financial Officer (CFO), Mr Udobong Ntia as Executive Vice President (EVP), Upstream, and Mr Isiyaku Abdullahi as EVP, Downstream.
The reshuffle was part of NNPC's strategy to strengthen governance and improve its competitiveness in the global energy market.