1.8mbpd production breakdown shows 1.55mbpd of crude oil, 252,540 bpd of condensate- Advisors Reports intelligence

Oredola Adeola

The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its partners have increased crude oil and condensate production to 1.8 million barrels per day (mbpd), aligning with the projection provided by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

A breakdown of the 1.8 million barrels per day (mbpd) figure, calculated by Advisors Reports, revealed that crude oil production stands at 1,547,460 barrels, while condensate (blended and unblended) production accounts for 252,540 barrels per day.

The analysis by Advisors Reports is based on an approximate 14.03% average calculated from data on crude oil and condensate production between April and September 2024, as sourced from the NUPRC’s website.

Mr. Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Ltd., announced at a press briefing in Abuja on Thursday that the company, in compliance with President Bola Ahmed Tinubu’s mandate, had successfully ramped up production to 1.8 million barrels per day (mbpd).

Kyari congratulated the Production War Room Team for driving the recovery and escalation of production, ensuring that it meets both short- and long-term expectations for shareholders.

Lawal Musa, Chief War Room Coordinator and Senior Business Adviser to Kyari, detailed the team’s efforts, highlighting the collaboration with Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, and security agencies.

Musa noted that when the team was inaugurated in June 2024, production was at 1.43 mbpd, but through sustained efforts, it reached 1.7 mbpd in August and the current 1.8 mbpd in November.

He expressed confidence that, with continued collaboration, production could reach 2 mbpd by the end of 2024.

Chief Pius Akinyelure, Chairman of NNPC Ltd.’s Board of Directors, also commended the team’s achievements, expressing joy over the progress and calling on the management to develop a cash flow projection based on the new production figures to facilitate planning. He set his sights on reaching 3 mbpd.

Senator Heineken Lokpobiri, Minister of State for Petroleum (Oil), expressed his satisfaction with the progress and reaffirmed the Federal Government’s commitment to supporting the company’s efforts.

Engr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), confirmed at the 42nd NAPE Annual International Conference in Lagos that Nigeria’s crude oil production, including condensates, had increased by 255,710 barrels to reach 1.8 mbpd in November.

He also indicated that efforts are underway to further boost production to 2 mbpd by December 2024.