The Group Chief Executive Officer, Mr. Melee Kyari of the Nigerian National Petroleum Company Limited, NNPC Ltd, has announced an increase in the crude oil and gas production from 1.4million to 1.8million barrels per day (mbpd) and 7.4 standard cubic feet per day.
Speaking on the progress, Thursday, Kyari commended the NNPCL and its team at the production war room that supported the production recovery process, for their resilience not just in securing the production recovery effort but also in jacking up production to levels that meet the expectation of the shareholders.
The NNPCL boss noted that the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu, adding: “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.”
Giving details of the efforts of the production war room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, 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 led to the recovery of production cut across every segment of the production chain, with security agencies closely monitoring the pipelines.
He further extolled the efforts of the Production War Room team, inaugurated on June 25, 2024, whose action surged production from 1.430mbpd to 1.7mbpd in August and shot up to 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, the Chairman of NNPC Ltd Board of Directors, Chief Pius Akinyelure, also congratulated the team, stressing that he was happy to be part of the production recovery process.
He charged NNPCL management to develop a cashflow projection based on the new production figures to facilitate planning, stressing 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 team and pledged the federal government support for the company to do more.
With additional reports from the Vanguard