This information was disclosed by Engr. Gbenga Komolafe, the esteemed Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during the 42nd Annual International Conference & Exhibition of the Nigerian Association of Petroleum Explorationists, which was held in Lagos..
He noted that this achievement has allowed Nigeria to surpass the 1.5 million bpd production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
Represented by Enorense Amadasu, Executive Commissioner for Development and Production at NUPRC, Komolafe mentioned that efforts are ongoing to further elevate oil production to two million bpd by December 2024.
During the conference, themed “Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth and Affordability,” Komolafe emphasized the organization’s dedication to enhancing Nigeria’s oil production capacity.
Mele Kyari, Group CEO of NNPC Ltd, reaffirmed the company's commitment to addressing Nigeria’s energy challenges by ensuring energy security, promoting sustainable growth, and enhancing energy affordability.
As the Special Guest of Honour at the event, Kyari also announced plans to establish 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants shortly, aimed at increasing the current gas supply of 1.6 billion standard cubic feet (bscf) for the domestic market.
“The energy trilemma is a significant responsibility we bear as custodians of Nigeria’s energy future. NNPC Ltd is diligently working to enhance our supply chain, develop new refining capabilities, and expand our retail network,” Kyari remarked.
NNPC Ltd is poised to partner with private refineries to ensure a steady supply of affordable and sustainable petroleum products, as well as to implement Naira-for-crude transactions to stabilize the local currency and manage foreign exchange markets.
This initiative, he noted, will facilitate the expansion of gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipelines, while also promoting cleaner energy alternatives such as Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG).
Kyari stated that NNPC Ltd currently delivers over 1.6 billion standard cubic feet (bscf) of gas daily to the domestic market through infrastructure that is either wholly owned or operated in partnership. This distribution network is fully managed on NNPC Ltd.’s balance sheet.
He elaborated on the Company’s commitment to improving domestic energy access, indicating that the next three to six months will witness the launch of significant projects, including CNG mother stations, mini-LNG plants, and additional CNG daughter stations.
Kyari praised President Tinubu’s initiatives to alleviate foreign exchange pressures by decreasing fuel imports and bolstering Nigeria’s local refining capabilities. He underscored the importance of collaboration, innovation, and technology in achieving Nigeria’s energy objectives.
“Addressing the energy trilemma demands innovative thinking, shared expertise, and a united resolve. Together, we can create a Nigeria where energy is secure, sustainable, and accessible to all,” he stated.
Regarding NNPC Ltd’s mandate to ensure energy security as outlined in the Petroleum Industry Act, Kyari mentioned that the Company has cultivated partnerships and investments aimed at boosting local production and generating revenue for economic diversification.
In response to allegations that NNPC Ltd is undermining domestic refineries, Kyari clarified that NNPC Ltd is a part-owner of the Dangote Refinery, emphasizing that this investment is a strategic effort to enhance domestic fuel supply.