Mele Kyari, the Group CEO of the Nigerian National Petroleum Company (NNPC) Limited has said that the country’s crude oil and condensates production is up to 1.67 million barrels per day as of August 30.
He made this known during a special Finance Ministry briefing led by Wale Edun, the Honourable Minister of Finance & Co-ordinating Minister of the Economy, as he shared his vision for Nigeria’s economy.
“This is substantial if you look at the situation where we are almost going below a million barrels… Some months ago,” he said.
Kyari commended President Bola Ahmed Tinubu for his unwavering commitment to de-bottlenecking the energy industry.
He said the President has re-engineed the country’s security approach to dealing with the challenges of security.
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“We’ve already seen very significant changes in our production environment and we also use this opportunity to say that just checking the data for Wednesday the actual data for crude oil and condensate production is at 1.6 7 million barrels per day.”
According to the GCEO, the tax reforms by the president have led to 13 different taxes in the country’s oil and gas industry.
“I know that the team on the reforms are already looking at how the fiscal environment in the least very critical sector is stable because no one investing in this industry doesn’t have a line of sight of at least 10 years of fiscal stability and I know this is part of the recommendations that were made to the team.
“We’ve already seen interest. People wanting to come and invest in our industry and those who are already withdrawing are coming back to invest. As long as you have fiscal instability and huge security challenges, businesses typically don’t convert.
“We’re happy today that the interventions are working both in terms of security and also providing the fiscal stability basis for companies to invest and it’s already showing up and this is also reflected in NNPC current ability to meet his obligation to its partners, which were actually failing before May 30 to not be defaulting so that we can have resources to accommodate subsidiaries.
Read also: Nigeria’s crude oil, condensate hit 1.47 million bpd in June – NUPRC
“Well, all this is now becoming history and I can confirm, honourable minister, that by November we’ll be on a clean slate,” Kyari said.
Nigeria’s crude oil, blended, unblended and condensate production increased to 1.473 million barrels per day in June, says a new report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Data from the upstream regulatory body shows that the country’s oil production increased by 3.14 percent from 1.42 million bpd in May this year. On a year-on-year basis, it rose by 4.93 percent from 1.40 million bpd.
On average, crude oil production for the month was 1.24 mbpd. While blended and unblended condensate was 55,088 and 176,030 bpd respectively.
Crude oil is a natural liquid extracted from the ground. Blended condensate is created by mixing natural gas liquids, while unblended condensate remains pure without any mixing or processing after separation from raw natural gas.
