NNPC Denies Disparity in Crude Oil Production Figures with NUPRC
- The NNPC Ltd has once again reiterated that its 1.8 mbpd figure crude oil production for October is accurate
- The national oil company also dismissed reports that there is a difference between its figures and NUPRC
- A strong crude oil production will provide the federal government with the needed revenue to fix fiscal issues
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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 (NNPC Ltd) has dismissed claims of discrepancies between its crude oil production figures and those provided by the Nigerian Upstream Petroleum Regulatory Company (NUPRC).
In a statement, Olufemi Soneye, the Chief Corporate Communications Officer, clarified that the difference in figures cited by the two entities stems from variations in the reporting periods.
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ThisDay had reported a mismatch between the 1.54 million barrels per day (mbpd) reported by NUPRC and the 1.8 mbpd cited by NNPC Ltd.
However, Soneye explained that the 1.8 mbpd figure referenced the peak production achieved in October, while the NUPRC’s figure reflected average production for September.
“The CEO of NUPRC who was represented by the Executive Commissioner, Development & Production, Mr 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.”
NNPC confirms 1.8mbp production
Soneye added that the NUPRC 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). NewsTelegrah reports
“There is, therefore, no disparity or discrepancy in the production figures by NNPC Ltd and the regulator.
“NNPC Ltd is working closely with relevant stakeholders to boost production to 2mbpd and above by the end of 2024.”
Nigeria Surpasses Saudi Arabia Read in crude oil production
Legit.ng reported that the Organization of Petroleum Exporting Countries (OPEC) released its monthly oil market report.
The report showed that Nigeria emerged as the most increased crude oil producer during the year's first month.
From 1.335 million barrels per day in December 2023 to 1.427 million barrels in January 2024, Nigeria's crude oil production climbed by 91,000 barrels per day using OPEC's crude oil production data based on direct communication.
Reports say Venezuela came second, with production rising by 40,000 bpd to 802,000 bpd in December and 841,000 bpd in January.
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Source: Legit.ng
