Nigeria’s crude oil production has reached a five-year high of 1.68 million barrels per day in September, marking a significant milestone in the nation’s efforts to revitalize its petroleum sector. The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, announced that the country is on track to hit 1.8 million barrels per day before 2025 ends.
The impressive production figures come alongside record gas output of 7 billion cubic feet per day, signaling a robust recovery in the nation’s energy sector. Ojulari revealed these developments after briefing President Bola Ahmed Tinubu at his Lagos residence on the company’s performance and ongoing sector developments. “With the turnaround maintenance completed in August and September now coming back onstream, we expect that before the end of the year, we should be clocking at least 1.8 million barrels per day, all things being equal,” Ojulari stated.
The achievement aligns with President Tinubu’s ambitious directive to ramp up production to at least 2 million barrels per day by 2027 and 3 million barrels by 2030 under the Renewed Hope energy roadmap. However, recent industrial action involving the Petroleum and Natural Gas Senior Staff Association of Nigeria and the Dangote Refinery temporarily disrupted operations, resulting in losses exceeding 200,000 barrels per day.
The NNPCL boss commended the swift intervention by the Federal Government through the Minister of Labour and Employment, Muhammad Maigari Dingyadi, with support from the National Security Adviser, Nuhu Ribadu, which helped resolve the dispute. Production has since been restored to pre-strike levels, with only minor areas still recovering.
Regarding recent gas price spikes, Ojulari attributed the increases to temporary supply chain disruptions during the strike period, assuring that prices would normalize as operations return to full capacity.
Source: thenationonlineng.net