More Money for FG As NNPC Announces Increase in Oil Production After Discovery of New Oil Wells
- Nigeria's crude oil production has increased, according to Nigerian National Petroleum Company Limited (NNPCL)
- The national oil company revealed that the latest production figures are now above N1.8 barrels per day
- The rise in oil production will be a welcome boost to the federal government seeking revenue for its budgetary allocation
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPCL) has announced an increase in Nigeria's oil production.
This was disclosed in a statement signed by Olufemi Soneye, chief corporate communications officer NNPC Ltd, and released on Thursday, November 14.
Source: Getty Images
In the statement, NNPC Limited said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.
As of April 2024, Nigeria's oil production stood at 1.28 million barrels per day.
Nigeria's oil production rises
Speaking on the development, Mele Kyari, the Group's Chief Executive Officer, congratulated the Production War Room Team that anchored the production recovery process. Punch reports.
His words:
"Today, the entire industry is very proud; we are grateful to have crossed the 1.8 million barrels per day mark. This is a significant milestone.
“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 Honourable Minister, and the Board."
Beyond crude oil, Kyari also revealed an increase in gas production, reaching 7.4 million standard cubic feet to support the critical AKK gas infrastructure, an improvement over the 6.1 million mmscf recorded earlier this year.
He said:
" For a long time, we have not been able to achieve this. Concurrently, we have also surpassed 7.4 BCF of gas. This is monumental."
Nigeria discovers another oil well
Legit.ng previously reported that the Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P Ltd), a subsidiary of NNPC and Natural Limited Oilfield Services Limited (NOSL), announced the successful commencement of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom state.
The NNPC announced this in a statement signed by its chief corporate communications officer, Olufemi Soneye, on Sunday, May 12, 2024.
It said the production, which began on May 6, 2024, with about 6,000 barrels of oil, is expected to be ramped up to 40,000 barrels daily by May 27, 2024.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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