The Federal Government has set a daunting target of 2.5 million barrels per day crude oil production for the leadership of Nigerian National Petroleum Company (NNPC Ltd) Limited after it surpassed the 1.7mbopd target to peak at 1.8mbopd.
Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri announced the new target at a media briefing on Thursday, to announce the 1.8mbopd crude oil production milestone at the NNPC Towers in Abuja.
Nigeria is now positioned with the new crude oil production level to earn more revenue from the oil and gas sector.
Speaking, Lokpobiri expressed delight at the hard work put in to achieve the remarkable feat, adding that the Company has the potential to achieve and even surpass the 2.5 million barrels per day crude oil production target by end of December this year.
He said, “Today we are grateful that we have crossed a line of 1.8 million barrels per day, and also crossed 7.4 BCF of gas, this is our agenda. Today, the entire team is fully aligned and committed to delivering greater value, and we’re committed to delivering two million barrels by the end of the year.
“This is possible. This is achievable. I’m a very proud minister. We can do it again. On behalf of the Ministry of Petroleum Resources, on behalf of the federal government of Nigeria, let me formally congratulate the Chairman, board members, and the management of NNPC for navigating this process.”
The Minister said there is need to provide incentives for the team responsible for the hard work and said the incentive will serve as a morale booster to ramp up production to 2.5m bpd.
“In the euphoria of this celebration, the reward system is one of the incentives you used. Those who have played one role or the other are rewarded to know that to whomever much is given, much is also required. As we reward you today, make sure that you get to 2.5mbpd by the end of 2024.
In his remarks, the NNPC Board Chairman urged the management and staff members of the NNPC not to relent in their efforts to increase production as the nation look up to them to surpass the expectations of the shareholders of the company.
Also present at the announcement of the new feat achieved by NNPCL was the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure; the Group Chief Executive of NNPC Ltd, Mele Kyari, the Chief Financial Officer, Mr Adedapo Segun, the Executive Vice President, Downstream, Mr Isiyaku Abdullahi, the Executive Vice President Upstream, Udobong Ntia, and the Chief Upstream Investment Officer of NNPC Upstream Investment Management Services (NUIMS), Mr. Bala Wunti, among others.
