The Nigerian National Petroleum Company (NNPC) Limited has refuted claims of discrepancies in crude oil production figures between its reports and those of the Nigerian Upstream Petroleum Regulatory Company (NUPRC).
In a statement released on Monday by its spokesperson, Femi Soneye, the NNPC attributed the apparent differences to the varying periods covered by the reports.
On November 14, the NNPC announced that Nigeria’s crude oil production had peaked at 1.8 million barrels per day (bpd) in October 2024, while the NUPRC previously reported an average production of 1.54 million bpd for September 2024. Critics had pointed out the gap between the figures as a potential inconsistency.
“The seeming disparity is as a result of the difference in the period of coverage in the reports – whereas the NNPC Ltd’s figure was the peak production for October 2024, the NUPRC’s figure was the average production for September 2024,” the statement read.
The NNPC clarified that the October figure was confirmed by Gbenga Komolafe, Chief Executive Officer of the NUPRC, during the 42nd Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition held in Lagos.
Komolafe reportedly disclosed that Nigeria’s crude oil production, including condensates, increased by 16.56 percent from 1.54 million bpd in September to 1.8 million bpd in October.
“This represents an increase of 253,710 bpd, reflecting a 16.56 percent month-on-month rise,” NNPC quoted Komolafe as saying. The NUPRC also confirmed that the 1.8 million bpd production figure for October exceeded Nigeria’s 1.5 million bpd quota set by the Organisation of Petroleum Exporting Countries (OPEC).
The NNPC emphasized that there was no discrepancy in the production figures between the two entities, as both align when the respective reporting periods are considered.
The state-owned oil company added that it is collaborating with stakeholders to further increase production to 2 million bpd and above by the end of 2024, bolstering Nigeria’s oil output and economic prospects.
