NNPCL Hits Big Oil Production Milestone and Aims for More by December!
The Nigerian National Petroleum Company Limited (NNPCL) recently announced that it has reached a huge milestone: producing 1.8 million barrels of oil every single day! This is a big step forward in meeting President Bola Tinubu’s target of two million barrels per day by December 2024.
NNPCL isn’t just focused on oil either. They’re making strides in gas production too. Right now, they’re pumping out 7.4 million cubic feet of gas each day, which helps power Nigeria’s gas infrastructure, including projects like the AKK pipeline. This is an increase from the 6.1 million cubic feet they were producing earlier this year.
The NNPCL’s boss, Mr. Mele Kyari, had previously told the Senate that their 2024 budget predictions were spot-on. He explained that oil prices have been fairly stable, averaging around $77.96 per barrel, which is within reach for Nigeria’s budget plan.
One point to note is that the 1.8 million barrels per day includes not only regular crude oil but also something called “condensate”—a lighter form of oil that adds an extra 250,000 to 300,000 barrels each day. This makes the total production number possible and realistic.
In short, Nigeria’s oil and gas sector is ramping up fast, and NNPCL is working hard to meet the country’s goals. As we approach December, all eyes will be on whether NNPCL can reach that two million barrels per day target, which would be a big boost for Nigeria’s economy.
