The Nigerian National Petroleum Corporation (NNPC) Limited has announced a significant milestone in the country’s crude oil production.
According to NNPC, crude oil output reached 1.8 million barrels per day (bpd) in November, with plans to hit 2 million bpd by the end of the year.
The announcement was made by NNPC spokesperson Olufemi Soneye during a press briefing in Abuja on Thursday.
This figure represents a significant jump from Nigeria’s October crude oil production of 1.43 million bpd, as reported by the Organization of Petroleum Exporting Countries (OPEC).
NNPC’s Group CEO, Mele Kyari, commended the team behind the production recovery effort, calling their work exceptional.
“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,” Kyari said.
He attributed the success to the dedication of the Production War Room Team and emphasized that the achievement aligns with the mandates given by President Bola Tinubu, the Minister of Petroleum, and NNPC’s Board.
Kyari expressed optimism about further growth in production, reiterating the corporation’s target of 2 million bpd by year-end.
NNPC’s Senior Business Adviser, Lawal Musa, highlighted the collaborative efforts that led to this milestone.
He stated that the company worked closely with Joint Venture and Production Sharing Contract partners, as well as government and private security agencies.
“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 explained.
He noted that securing oil pipelines was critical to stabilizing and increasing crude oil production.
Musa expressed confidence that sustained collaboration with stakeholders would make the 2 million bpd target achievable.
Despite NNPC’s bold claims, skepticism lingers over the accuracy of the 1.8 million bpd figure.
OPEC’s October report placed Nigeria’s crude oil output at 1.43 million bpd.
Industry experts point out that NNPC did not clarify whether the reported figure includes blended condensates and unblended condensates.
Additionally, no independent data has yet verified NNPC’s claim.
The November crude oil production data from OPEC and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has not been released, further fueling doubts.
If NNPC’s claim holds true, the increase in crude oil production could bring significant economic benefits to Nigeria.
Higher oil output would boost foreign exchange earnings, potentially stabilizing the naira in the volatile foreign exchange market.
Oil remains Nigeria’s largest source of revenue, and improved production levels could provide a much-needed lifeline for the struggling economy.
For Nigeria, meeting the 2 million bpd target could restore some of the confidence lost in recent years due to declining oil output.
However, independent verification of the 1.8 million bpd claim remains crucial to establishing credibility.
