Nigeria’s crude oil production has surged by 16.56% to 1.8 million barrels per day in October 2024, exceeding the Organization of Petroleum Exporting Countries (OPEC) 1.5 million barrels per day quota.
This significant increase was announced by Engr Gbenga Komolafe, Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), at the 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos.
According to Komolafe, efforts are underway to further boost oil output to two million barrels per day by December 2024. The NUPRC is committed to expanding Nigeria’s oil production capacity, aligning with the conference theme “Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth and Affordability.“
In his address, Mele Kyari, Group CEO of NNPC Ltd, reiterated the company’s commitment to resolving Nigeria’s energy trilemma. “The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future,” Kyari stated.
NNPC Ltd plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants to enhance the domestic gas supply.
To achieve energy security, sustainable growth, and affordability, NNPC Ltd will collaborate with private refineries, implement Naira-for-crude transactions, and expand gas infrastructure. Kyari emphasized the need for collaboration, innovation, and technology to achieve Nigeria’s energy goals. “Resolving the energy trilemma requires bold ideas, shared knowledge, and collective determination. Together, let us build a Nigeria where energy is secure, sustainable, and affordable for all.“
NNPC Ltd has fostered partnerships and investments to enhance local production and generate revenue for economic diversification. Kyari also clarified that NNPC Ltd’s investment in the Dangote Refinery is a strategic move to strengthen domestic fuel supply, dispelling claims of sabotaging domestic refineries. With significant project launches planned for the next 3-6 months, Nigeria’s energy landscape is poised for transformation.
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