The Nigerian National Petroleum Company Limited, working with stakeholders, increased crude oil output to 1.8 million barrels per day, bringing the Federal Government’s monthly revenue from the oil sector to over N6.99 trillion.
In 2024, Brent, the world’s benchmark for crude oil, is expected to average about $81 per barrel. This is comparatively constant when compared to the 2023 price of $82 per barrel, but it is a little lower than the 2022 price of $101 per barrel.
The nation will earn $145.8 million by producing 1.8 million barrels per day at an average price of $81 a barrel. This amounts to $4.37 billion in 30 days.
The predicted monthly amount that the Federal Government may get as a result of the most recent increase in oil production is N6.99 trillion, based on a moderate official exchange rate of N1,600/$.
Mele Kyari, the Group Chief Executive Officer of NNPC, disclosed the increase in oil output during a meeting held Thursday in Abuja at the Oil Production War Room at NNPC headquarters.
The achievement, which is in line with the government’s budget, was attributed to the hard work of all of its teams during the previous few weeks, according to the NNPCL.
According to Lawal Musa, the Chief Production War Room Officer, the communities were able to move the production to active collaboration within the system, external engagement, and alignment with the regulators through the leadership of NNPC and collaboration with stakeholders, especially its partners and government and private security agencies.
The NNPC is fully aligned and dedicated to providing more value, he continued, adding that they want to deliver two million barrels by the end of the year. He asserted that this is both feasible and attainable.
He claimed that when the war room first opened on June 25th, crude oil production was actually at 1.430 barrels per day, and by August 11th, we had surpassed the 1.7 threshold. The industry was required by the president to reach 1.7 million barrels per day.
