Oil Production Hits 1.8 Million Barrels Per Day
Nigeria’s oil sector is set for a significant financial boost as crude oil production has risen to 1.8 million barrels per day (mbpd). The Nigerian National Petroleum Company Limited (NNPCL) announced the milestone during a meeting at its headquarters in Abuja. The achievement, attributed to collaborations with stakeholders and improved security measures, marks a significant turnaround for the industry.
Monthly Revenue Estimated at ₦6.99 Trillion
With crude oil priced at an average of $81 per barrel and an exchange rate of ₦1,600 to $1, the Federal Government could earn about ₦6.99 trillion monthly. This projection highlights the potential for the oil sector to significantly contribute to Nigeria’s economy despite global price fluctuations and domestic challenges.
Key Figures Celebrate Milestone
The meeting, presided over by the Minister of State for Petroleum Resources, Heineken Lokpobiri, included top executives such as NNPCL’s Group Chief Executive Officer, Mele Kyari, and other stakeholders. Kyari emphasised the importance of collaboration in achieving the milestone, stating, “This is a significant achievement for the industry, and we remain committed to reaching two million barrels per day by year-end.”
Gas Production Also Sees Growth
In addition to crude oil, Nigeria’s gas production has seen improvements, reaching 7.4 billion standard cubic feet daily from 6.1 billion earlier in the year. This increase bolsters the nation’s energy infrastructure, including the critical Ajaokuta-Kaduna-Kano (AKK) pipeline project.
Security and Collaboration Drive Success
The rise in oil production is linked to enhanced security measures in the Niger Delta region. Private security agencies, such as Tantita Security Services, have played a crucial role in safeguarding oil facilities. Their efforts, combined with government and community engagement, have reduced disruptions and boosted output.
Commitment to Achieving Two Million Barrels
The Federal Government and NNPCL are optimistic about achieving two mbpd by December. The Minister of Petroleum praised the dedication of all stakeholders, describing the feat as a testament to Nigeria’s potential. “We are confident that with sustained momentum and active collaboration, we can reach this ambitious target,” Lokpobiri said.
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