NNPC Denies Difference with NUPRC in Crude Oil Production Figures

• NNPC Ltd reiterated that its crude oil production figure of 1.8 mbpd per day for October is correct
• The national oil company also denied reports that there was a difference between its own figures and NUPRC
• Strong crude oil production will provide the federal government with the revenue needed to solve fiscal problems

legit.ng Journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of Nigeria. economystocks and general market trends.

Nigeria National Oil Company Limited (NNPC Ltd) has denied alleged discrepancies between crude oil production figures and figures provided by the Nigerian Upstream Petroleum Regulatory Company (NUPRC).

In his statement, Corporate Communications Director Olufemi Soneye explained that the difference in the figures stated by the two organizations was due to differences in reporting periods.

ThisDay, with 1.54 million barrels per day (mbpd) reported by NUPRC 1.8 mbpsd stated by NNPC Ltd.

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However, Soneye explained that the 1.8 mbpd figure indicates the peak production achieved in October, while the NUPRC figure reflects the average production in September.

“The CEO of NUPRC, represented by the Executive Commissioner, Development and Production, Mr. Enorense Amadasu, said: “This represents an increase of 253,710 barrels per day in October to 1.8 million barrels per day from 1.54 million barrels per day in September. 2024 represents a 16.56 percent increase on a monthly basis.”

NNPC confirms 1.8mbps throughput

Soneye added that NUPRC’s achievement of 1.8 mbps per day at the NAPE event also confirmed that Nigeria has moved its production beyond standards. 1.5 mbpd quota Organization of Petroleum Exporting Countries (OPEC). NewsTelegra reports

“Therefore, there is no disparity or discrepancy in the production figures of NNPC Ltd and the regulator.

“NNPC Ltd is working closely with relevant stakeholders to increase production to 2 million barrels per day and above by the end of 2024.”

Nigeria surpasses Saudi Arabia in crude oil production

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legit.ng It was reported that the Organization of Petroleum Exporting Countries (OPEC) published its report. monthly oil market report.

The report showed that Nigeria It was the crude oil producer with the highest increase in the first month of the year.

Nigeria’s crude oil production increased from 1.335 million barrels per day in December 2023 to 1.427 million barrels per day in January 2024, using OPEC’s direct communication crude oil production data.

Reports say that production increased by 40,000 barrels per day in December to 802,000 barrels per day, and in January to 841,000 barrels, placing Venezuela in second place.

Source: Legit.ng