Thursday, April 18, 2024

NNPCL Promises To Surpass 1.78MB/D Budget Target

The Nigerian National Petroleum Company Limited (NNPCL) has promised to surpass the 2024 budget benchmark of 1.78million barrels per day (Mbpd).

Its Group Chief Executive Officer, Mele Kyari, who gave the assurance  recalled that in 2022, the country was producing as low one million barrels per day owing to security challenges.

According to him, the production is now near 1.7mb/d.

Nigeria to Increase Crude Oil Production To 3MB/D- NNPCL

The NNPCL boss disclosed this while delivery his keynote address at the Society of Petroleum Engineers (Oloibiri Lecture Series and Energy Forum (SPEOLEF) in Abuja.

The theme of was “Stability in the Energy Sector: Integrated Strategies for Infrastructure, transportation and security.

He said: “In 2022, we were close to a million barrels or less. The intervention and with the security architecture we have in place today we are we are close to 1.7million barrels.

“We know that by the end of the year, we will be able to meet, first the budget target for the country and potentially exceed it.”

He noted that NNPCL is working with its partners to address the security challenges.

He lamented that half of Nigeria’s population has no access to energy.

According to him, there is need to first gain access to energy before considering its security. Kyari said Nigeria has to bridge the energy gap before mulling how to secure it.

He noted that “It is a huge gap we have to fill before we even worry about security. You can’t secure what you don’t have.”

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