Nigeria Eyes Record Oil Revenue as Output Rises to 1.8 Million Barrels per Day
Nigeria’s oil sector is primed for a revenue surge as the Nigerian National Petroleum Company (NNPC) Limited, in partnership with industry stakeholders, announced a milestone increase in crude oil production, now reaching 1.8 million barrels per day. The boost in output could yield around N6.99 trillion monthly for the federal government, based on current oil prices and exchange rates.
This achievement, detailed at a Thursday meeting held at NNPC’s headquarters in Abuja, came as Group Chief Executive Officer Mele Kyari updated officials on the production increase, which is supported by the steady global Brent crude price of approximately $81 per barrel. With this output, Nigeria’s oil revenues are projected to hit $4.37 billion per month, translating to N6.99 trillion at the official exchange rate of N1,600 to the dollar.
Minister of State for Petroleum Resources, Heineken Lokpobiri, praised NNPC’s efforts, saying, “Today, the entire team is fully aligned and committed to delivering greater value and achieving two million barrels by the end of the year.” He noted that this production milestone underscores NNPC’s potential to surpass the December target, reinforcing optimism within the Ministry of Petroleum Resources.
NNPC’s production strategy was bolstered by input from its ‘Oil Production War Room’ and security collaboration with private firms like Tantita Security Services Nigeria Limited, which has enhanced monitoring across Niger Delta pipelines. Tantita’sspokesperson, Dr. Paul Bebenimibo, acknowledged the recent gains, affirming that intensified security measures have helped reach this output level and maintain regional stability. “Our work to secure the pipelines has been instrumental, and we are confident in achieving the 2 million bpd target,” he remarked.
Lawal Musa, Chief Production War Room Officer, further highlighted the collaborative efforts with government and private security agencies that have led to this success, stating that production had climbed from 1.43 million bpd in June to over 1.7 million by August, in line with a presidential directive.
The production boost also sees Nigeria achieving record gas production of 7.4 billion standard cubic feet, aiding domestic and industrial consumption. According to Musa, “This achievement speaks to NNPC’s dedication to fulfilling its mandate, and with sustained momentum, we are on track to deliver our year-end goals.”
Chief among those celebrating this uptick in production is NNPC Board Chairman, Chief Pius Akinyelure, who described the output increase as “just the beginning of greater accomplishments.” He encouraged NNPC’s workforce to continue advancing Nigeria’s energy sector goals, aiming to reinforce the country’s standing in the global oil market.
As Nigeria advances towards the target of 2 million barrels per day, NNPC’s leadership remains focused on sustaining growth and stability, determined to achieve a prosperous future for the country’s oil industry and economy alike.
