This information was shared by Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd., on Monday, as he addressed concerns regarding discrepancies in production figures reported by both the company and the Nigerian Upstream Petroleum Regulatory Company (NUPRC).
Previous media reports suggested that the NUPRC's figure of 1.54 million barrels per day for September was significantly lower than the 1.8 million barrels per day reported by NNPC Ltd. for November. However, Soneye clarified that there is no inconsistency between the production figures provided by the two organizations.
“The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that there is no discrepancy between its crude oil production figures and those supplied by the regulatory agency, the Nigerian Upstream Petroleum Regulatory Company (NUPRC),” the statement read in part.
The apparent discrepancy can be attributed to the differing time frames covered in the reports. The NNPC Ltd.'s figure represents the peak production for October 2024, while the NUPRC's figure reflects the average production for September 2024.
“This fact was confirmed by the Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe, at the recent 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos where he disclosed that Nigeria’s crude oil output, including condensate, increased by 16.56 per cent to 1.8mbpd million in October 2024, from 1.54 million bpd in September 2024.
“The CEO of NUPRC who was represented by the Executive Commissioner, Development & Production, Enorense Amadasu, was quoted as saying: “This represents an increase of 253,710, bpd to reach 1.8 million bpd in October, up from 1.54 million bpd in September 2024, representing 16.56 per cent month-on-month rise”.
“The NUPRC also confirmed at the NAPE event that the 1.8mbpd feat pushed Nigeria’s production beyond the 1.5mbpd quota of the Organisation of Petroleum Exporting Countries (OPEC).
“There is, therefore, no disparity or discrepancy in the production figures by NNPC Ltd and the regulator,” the statement added.