Friday, 15 November 2024 04:56

Oil production rises to 1.8m barrels per day, NNPC announces

Rate this item
(0 votes)

Nigeria's state oil firm NNPC said on Thursday it had increased oil production to 1.8 million barrels per day (bpd), with the possibility of getting to two million bpd by year-end.

Oil production at Africa's top crude exporter was estimated at 1.3 million bpd in October, according to producer group OPEC's latest report. Nigeria often counts condensate production of around 250,000 bpd as part of its production.

The NNPC said the increase was a result of collaborative efforts with its joint venture operators and its partners on production-sharing contracts, alongside security agencies and the government.

"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," NNPC CEO Mele Kyari told a press briefing.

Nigeria has been battling crude theft in its Niger Delta production region, sabotage, and local unrest, which has hampered output growth.

In June, NNPC set up a 'war room' to coordinate efforts of oil partners, the government and private security personnel to stem crude theft. Since then, several vessels used in stealing crude have been destroyed and some illegal refiners arrested.

Kyari said the interventions across every segment of the production chain, supported by rigorous pipeline monitoring from security agencies, had been critical to the recovery.

 

Reuters

April 26, 2025

Nigerian Stock Market dips after three-day rally

The Nigerian stock market ended its three-day bullish streak on Friday with a 0.3% decline…
April 21, 2025

Tunde Bakare to Tinubu: ‘Stop playing God, embrace humility’

In a fiery Easter Sunday state-of-the-nation address delivered in Lagos, Tunde Bakare, the serving overseer…
April 23, 2025

Don’t wait for the ‘perfect’ time to make big life decisions, says Phoenix mayor

Kate Gallego Kate Gallego knew she wanted to run for mayor of Phoenix, but the…
April 26, 2025

Declassified CIA file about UFO aliens attacking soldiers released

A declassified document posted to the CIA’s website is raising eyebrows with claims of an…
April 27, 2025

Church spends hundreds of millions on ransom as kidnappings, killings worsen nationwide

The Evangelical Church Winning All (ECWA) has revealed that it has paid hundreds of millions…
April 27, 2025

What to know after Day 1158 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Kursk Region fully liberated from Ukrainians – Putin The Russian military has completely…
April 27, 2025

Smartphone use could reduce dementia risk in older adults, study finds

The first generation that has been exposed consistently to digital technology has reached the age…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.