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The nation’s daily crude production has gained additional one million barrels per day (mb/d).
The output is now 1.8mb/d, according to the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari.
Chairman of NNPCL board Chief Pius Akinyelure, who welcomed the feat, however said the cooperation should not put his foot off the pedber to achieve the 3mb/d target by end of next month.
In the 2025 budget estimate, which the executive will forward to the legislature, 2.06mb/d is projected for next year.
Akinyelure said there was no arguing the fact that the improvement in crude production would have a positive economic impact on the company and the nation.
He said: “It is a matter of great pleasure to be here today to be part of this successful display of the success of the management team increasing our production to 1.8mb/d.
“I am very happy because we know the economic impact it will generate to our income and at this point.
‘’I would also like the management to give us a cash flow of operating income between now and December.
“This is just the beginning. We want to see more landmarks and accomplishments at this level.
“The rule is we should make sure we do not fall below this level. I am hoping that by December you should be talking of about 3mb/d. Let it be a plan.”
Kyari told reporters that the 1.8mb/d was due to the dedication of NNPCL teams.
“Congratulations on exceeding 1.8mbpd. This accomplishment reflects the dedication of all teams over the past weeks,’’ he said after NNPCL Production War Room Officer Lawal Musa presented the data of the feat.
Revealing that NNPCL contributed 80 percent of the production figure, he added that the company would ‘’build on this momentum and push’’ towards higher production by year-end.
Kyari extolled the War Room team for working hard on President Bola Tinubu’s mandate to the company to raise production to an acceptable level.
The NNPCL boss insisted that it was possible to attain a higher production level with the support of the board, ministers, and security agencies.
Minister of State for Petroleum Resources (Oil). Heineken Lokpobri, who was also at the news briefing, said Nigeria can attain a higher crude production level.
“We can do it again. Nigeria has the capacity, whatever Nigeria does, benefits the entire African country,” Lokpobri said.
The Organisation of Petroleum Exporting Countries (OPEC) production quota for Nigeria has remained at 1.5mb/d this year.
In October, the country’s output was 1.7mb/d from which it now hit its new feat of 1.8mb/d.
Countries may deliberately exceed their quota to build their national crude oil reserves for energy security and global emergency.
Besides, some of the cartel member countries could intentionally cross the production line with a submission of an overproduction compensation plan. This means the country may reduce its production in the future.