Monday, September 15, 2025
Home Oil & Gas CRUDE OIL PRODUCTION : NNPC SAYS , PRICE BENCHMARK FOR 2024...

CRUDE OIL PRODUCTION : NNPC SAYS , PRICE BENCHMARK FOR 2024 BUDGET REALISTIC.

The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has assured that the projections on crude oil production and price benchmark for the 2024 Budget were realistic and realizable.
The Group Chief Executive Officer (GCEO) of the Company,  Mele Kyari, gave the assurance during an interactive session with the Senate Committee on Finance at the National Assembly, Abuja,
Speaking on the dynamics of the market in relation to the projected budget benchmark price of $77.96 per barrel, Kyari said: “With what we see in the market today and potentially in the year 2024 and even beyond the next two years, it is very unlikely to see $70 per barrel oil in the market. The oscillation we are seeing, sometimes you do see prices coming down to $75 to the barrel and sometimes it goes above it, overall, benchmarks are averages. We think that the proposal by Mr. President around the $77.96 is still realisable in 2024.”
On the crude oil production projection, he stated: “The number we have is 1.785mbpd. This is cumulative of all oil produced in the country. This figure is inclusive of all production including crude oil and condensate. I need to make this clarification because of the reports in the media that our OPEC quota is 1.5million barrels per day. The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 barrels per day of condensate in our production. When you combine the two, the 1.78mbpd is realistic and realisable.”
He expressed optimism that though there were challenges such as security and force majeure, the measures being deployed by the Federal Government would be able to take care of them to guarantee the projected level of production.
The GCEO also assured that NNPC Ltd. will maintain the level of dividends remittance to the Federation Account as stated in the Medium-Term Expenditure Framework, adding that the projected dividends from the Nigeria Liquefied Natural Gas Ltd. was also realizable and would be flowed directly into the Federation Account as stipulated by the law.
While answering a question on the Company’s Road Tax Credit Scheme, Kyari explained that all the roads being undertaken under the scheme would be duly completed, adding that the scheme was anchored by the Ministry of Works while the Federal Inland Revenue Service and NNPC Ltd. were only playing supervisory roles to ensure that value is delivered for every kobo paid.
Speaking earlier, the Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa, said the purpose of the interactive session was to deepen conversations on the projections in the 2024 Appropriation Bill to help the lawmakers determine what and where to adjust.
He expressed satisfaction with the explanations offered by the NNPC Ltd.’s helmsman.
RELATED ARTICLES

LOKPOBIRI HIGHLIGHTS REFORMS, INCENTIVES IN DEEPWATER SECTOR.

  Nigeria has renewed its appeal to global Engineering, Procurement, and Construction (EPC) companies, assuring them of a transformed investment environment backed by bold reforms...

NIGERIA COMMITTED TO ATTRACTING RETURNING INVESTORS WITH GLOBAL-LEVEL INCENTIVES – LOKPOBIR.I

  Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri,  says Nigeria is ready to offer global-standard incentives to attract international investors back into...

NIGERIA ON TRACK TO HIT 2.5MBPD OIL OUTPUT — FG.

  The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission, has declared that the country is firmly on course to ramp up crude oil...

Most Popular

INDIAN BUSINESSMAN, THREE OTHERS ARRESTED OVER N3.9BN TRAMADOL AT LAGOS AIRPORT …AS NDLEA UNCOVERS SKUCHIES FACTORY, NABS COUPLE WITH 19KG DRUGS IN ANAMBRA,...

The National Drug Law Enforcement Agency (NDLEA) has arrested an Indian businessman, Gupta Ravi Kumar, and three Nigerian accomplices over the importation of 2,248,000 pills...

DICAN HONOURS NDLEA BOSS FOR INNOVATIVE FIGHT AGAINST ILLICIT DRUGS.

The Chairman and Chief Executive of National Drug Law Enforcement Agency, (NDLEA) Brigadier General, Mohammed Buba Marwa (rtd) has lay his weight behind the...

BANKING, FINTECH TOP CONSUMER COMPLAINTS IN NIGERIA – FCCPC REPORT. Commission recovers ₦10 billion for aggrieved customers

BANKING, FINTECH TOP CONSUMER COMPLAINTS IN NIGERIA - FCCPC REPORT. Commission recovers ₦10 billion for aggrieved customers   The Federal Competition and Consumer Protection Commission says...

NBRDA SIGNS  MEMORANDUM OF AGREEMENT  WITH SHANGHAI HAIQI INDUSTRIAL COMPANY OF CHINA.

  National Biotechnology Research Development Agency (NBRDA) has signed a Memorandum of Agreement (MoA) with Shanghai Haiqi Industrial Company of China to establish Nigeria’s first...

Recent Comments