NNPC reaffirms Nigeria's current Crude Oil production figure

The Nigerian National Petroleum Corporation (NNPC) reaffirmed that the country’s current crude oil production figure, which peaked at an all time high of 2.7 million barrels per day (mbpd) in August is real and not a figment as insinuated in certain quarters.

Speaking in Abuja at the weekend, Group Managing Director (GMD) of NNPC, Mr. Andrew Yakubu, waved off rumours that the current crude oil production figure was exaggerated and explained that such insinuations were not in sync with existing situation in the country’s crude oil production sector.

The sector, he said, had  benefitted from various proactive measures initiated to forestall challenges such as crude oil theft and pipeline vandalism that have repressed its growth.

According to Yakubu, the corporation stood on its claim that the recent growth in Nigeria’s crude oil production was made possible by collective efforts of major stakeholders in country’s petroleum sector to take on such challenges.

Yakubu, who reacted to insinuations that the corporation may have inflated the crude oil production figures considering obvious increase in oil theft and pipeline vandalism recently in Nigeria, said: “Of course, we are faced with challenges of crude oil theft and pipeline vandalism but these issues have attracted high profile attentions.

“From the Presidency, minister of petroleum resources and the country’s security outfits; we have all put out proactive measures to put paid to this. Such high-level attention that we got is now beginning to yield fruits and we are saying that with this, we need to sustain the efforts.”

Yakubu had in August disclosed that Nigeria recorded a significant milestone in her oil and gas sector with an increase in crude oil production from 2.4 million barrels per day (mbpd) to 2.7 mbpd. He added that such has never been attained by the country.

The GMD had then attributed the increase to the security measures put in place in the Niger Delta region by the Federal Government, saying: “We want to thank the President, Dr. Goodluck Jonathan, for his great initiative to restore security with regards to pipelines and our crude oil production facilities and we thank the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, for driving the process. I am glad to report to you that in crude oil production, yesterday, we recorded an all time high of 2.7 million barrels. This has not been recorded before.”

Also, recall that the Managing Director of Shell Petroleum Development Company of Nigeria Ltd (SPDC), Mr. Mutiu Sunmonu, had warned that revenue accruing to the government from nation’s oil resources will dwindle further in the wake of increased crude theft in the Niger Delta region.

Sunmonu stated then that Nigeria was losing so much revenue to crude theft, adding that an average of $5 billion was been lost by the country annually on oil theft. He warned that if left unchecked, the government will receive less of revenue from oil business in Nigeria.