There is no difference between the Nigerian National Petroleum Company Limited’s (NNPC Ltd) crude oil output estimates and those provided by the Nigerian Upstream Petroleum Regulatory Company (NUPRC), the regulatory body.
The NNPC provided the explanation in response to media reports that the 1.8 million barrels per day for November, as reported by NNPC Ltd., was significantly higher than the 1.54 million barrels per day for September, as reported by the NUPRC.
The apparent discrepancy arises from the reports’ varying covering periods. On the other hand, the NUPRC’s statistic represented the average output for September 2024, while the NNPC Ltd.’s figure represented the peak production for October 2024.
At the recent 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos, Gbenga Komolafe, the Chief Executive Officer of NUPRC, confirmed this fact. He revealed that Nigeria’s crude oil production, including condensate, increased by 16.56 percent to 1.8 million barrels per day in October 2024 from 1.54 million barrels per day in September 2024.
“This represents an increase of 253,710 barrels per day to reach 1.8 million barrels per day in October, up from 1.54 million barrels per day in September 2024, representing 16.56 per cent month-on-month rise,” the NUPRC CEO, who was represented by Executive Commissioner, Development & Production Enorense Amadasu, was quoted as saying.
At the NAPE ceremony, the NUPRC also affirmed that Nigeria’s production has surpassed the 1.5 million barrels per day quota set by the Organization of Petroleum Exporting Countries (OPEC) with its achievement of 1.8 million barrels per day.
Therefore, there is no difference or disagreement between the production numbers provided by the regulator and NNPC Ltd.
In order to increase output to two million barrels per day or more by the end of this year, NNPC Ltd. is collaborating closely with pertinent stakeholders.
Chief Corporate Communications Officer, Olufemi O. Soneye, NNPC Ltd., Abuja, November 12, 2024.
