NNPC speaks on increasing oil output as Dangote slashes petrol price for marketers
- Nigerian National Petroleum Company Limited said it is working closely with relevant parties
- This is as it plans for crude oil production to reach at least 2 million barrels per day by 2024 year end
- NNPC’s spokes person claimed there was no distinction between the NNPCL and NUPRC's output
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
In order to increase crude oil output to 2 million barrels per day or more by the end of 2024, the Nigerian National Petroleum Company Limited has stated that it is collaborating closely with pertinent stakeholders.
Source: Getty Images
Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd., revealed this while refuting allegations on production differential numbers provided by the corporation and the Nigerian Upstream Petroleum Regulatory corporation (NUPRC).
According to earlier media sources, the NUPRC's September barrel production of 1.54 million barrels per day was significantly less than the NNPC Ltd.'s November barrel production of 1.8 million barrels per day.
Soneye asserted that there was no difference in the output provided by the two parties.
“The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that there is no discrepancy between its crude oil production figures and those supplied by the regulatory agency, the Nigerian Upstream Petroleum Regulatory Company (NUPRC),” the statement read in part.
It clarified that the apparent discrepancy stems from the different time periods covered in the reports; the NUPRC's figure represented the average production for September 2024, while the NNPC Ltd.'s figure represented the peak production for October 2024.
“This fact was confirmed by the Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe, at the recent 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos where he disclosed that Nigeria’s crude oil output, including condensate, increased by 16.56 per cent to 1.8mbpd million in October 2024, from 1.54 million bpd in September 2024.
“The CEO of NUPRC who was represented by the Executive Commissioner, Development & Production, Enorense Amadasu, was quoted as saying: “This represents an increase of 253,710, bpd to reach 1.8 million bpd in October, up from 1.54 million bpd in September 2024, representing 16.56 per cent month-on-month rise”.
“The NUPRC also confirmed at the NAPE event that the 1.8mbpd feat pushed Nigeria’s production beyond the 1.5mbpd quota of the Organisation of Petroleum Exporting Countries (OPEC).
“There is, therefore, no disparity or discrepancy in the production figures by NNPC Ltd and the regulator,” the statement added.
Dangote refinery slashes petrol price
Legit.ng reported that Dangote Refinery has announced a reduction in the price of its Premium Motor Spirit (PMS) from N990 to N970 per litre.
Anthony Chiejina, Dangote Group's chief branding and communications officer, revealed this in a statement via the company's X page on Sunday, November 24, 2024.
According to Chiejina, the refinery has slashed the price of petrol for marketers from N990 to N970 per litre, giving them N20 per litre savings.
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Source: Legit.ng
