Nigeria’s state oil company, the Nigerian National Petroleum Corporation (NNPC), announced a significant boost in crude production, claiming it reached 1.8 million barrels per day (bpd) in November.
The increase, confirmed on Thursday, could bolster foreign exchange reserves and support the naira as the country eyes further economic stability. “This achievement is a crucial step toward securing Nigeria’s economic future,” said NNPC spokesperson Olufemi Soneye in a statement.
At a press briefing in Abuja, Mele Kyari, Group CEO of NNPC, praised the organization’s Production War Room Team for its role in restoring and enhancing oil output. “The team has done a great job,” Kyari stated, attributing this success to relentless efforts to raise production levels. “We Are not just restoring but escalating production to levels acceptable to our stakeholders,” he added, emphasizing that the effort aligns with mandates from Nigeria’s President, the Minister of Petroleum, and NNPC’s board.
This milestone, however, is part of a broader ambition. NNPC is setting its sights on reaching 2 million bpd by year’s end, with intensive collaboration between government, security forces, and private partners. Lawal Musa, Senior Business Adviser to Kyari, highlighted that production recovery involved joint efforts across the supply chain. “With continued support, especially on the security front, reaching 2 million bpd is within our grasp,” Musa noted, underscoring the role of tightened security around pipeline infrastructure.
Yet, some skepticism surrounds the production claims. While NNPC reports a rise to 1.8 million bpd, OPEC’s recent data put Nigeria’s output at 1.43 million bpd in October, raising questions about the discrepancy. Industry experts suggest that if production indeed meets NNPC’s estimates, it could significantly bolster Nigeria’s foreign reserves.
However, independent data for November is still pending, and NNPC has not clarified whether condensates are included in its figures. Despite uncertainties, an increase in production could provide Nigeria a much-needed economic boost, potentially stabilizing the naira amid fluctuating oil markets.
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