Crude oil manufacturing: No disparity between NNPC’s, NUPRC’s figures – NNPC official  

The Nigerian Nationwide Petroleum Firm Restricted (NNPC Ltd.) has clarified that its crude oil manufacturing figures align with these of the Nigerian Upstream Petroleum Regulatory Firm (NUPRC).

Mr. Olufemi Soneye, Chief Company Communications Officer, NNPC Ltd., made this recognized in a press release on Monday.

Soneye supplied the clarification following reviews suggesting a discrepancy between the 1.54 million barrels per day (mbpd) determine for September cited by NUPRC and the 1.8 mbpd determine for November cited by NNPC Ltd.

He defined that the obvious distinction was because of the various intervals lined within the reviews. In accordance with him, NNPC Ltd.’s determine represents the height manufacturing for October 2024, whereas NUPRC’s determine is the common manufacturing for September 2024.

The assertion famous that the Chief Government Officer of NUPRC, Mr. Gbenga Komolafe, confirmed this on the current forty second Nigerian Affiliation of Petroleum Explorationists (NAPE) Annual Worldwide Convention and Exhibition in Lagos.

Komolafe revealed that Nigeria’s crude oil output, together with condensate, rose by 16.56 per cent to 1.8 mbpd in October 2024, in comparison with 1.54 mbpd in September 2024.

“This represents a rise of 253,710 bpd to succeed in 1.8 million bpd in October, up from 1.54 million bpd in September 2024, representing a 16.56 per cent month-on-month rise,” Komolafe was quoted as saying.

He additional said that the 1.8 mbpd milestone exceeded Nigeria’s 1.5 mbpd quota set by the Organisation of Petroleum Exporting International locations (OPEC).

“There’s, due to this fact, no disparity or discrepancy within the manufacturing figures by NNPC Ltd. And the regulator. NNPC Ltd is working intently with related stakeholders to spice up manufacturing to 2 mbpd and above by the tip of 2024,” the assertion added.

Backstory

Nairametrics beforehand reported that NNPC Ltd. claimed it achieved 1.8 million barrels per day (bpd) of crude oil manufacturing in November—a determine that has been broadly disputed.

• The declare was not supported by any information, as no official figures have been launched to cowl the interval in query.
• In the meantime, newly launched information from the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) confirmed that Nigeria’s whole crude oil manufacturing stands at 1.53 million bpd. This has additional solid doubt on the accuracy of NNPC Ltd.’s declare, with many questioning whether or not the figures will align as soon as official information is launched.
• Notably, Nigeria has but to fulfill its OPEC manufacturing quota of 1.5 million bpd, owing to challenges corresponding to oil theft, pipeline vandalism, low funding within the sector, and different systemic points hindering increased output.
• If NNPC Ltd.’s declare proves correct, it might sign prospects for financial progress, improved naira stability, and elevated overseas alternate earnings for the nation.