NNPC's relationship with the government in terms of the supply of fuel is on a commercial basis, an official said
The company’s chief executive officer, Mele Kyari, disclosed this while speaking at the 13th global UAE virtual energy forum on Wednesday.
With an average of 1,083,899 barrels per day in July, Nigeria’s crude oil production plunged below one million barrels per day in August, the lowest ever in several years.Speaking on Wednesday, Mr Kyari said the country is making efforts to restore optimal oil production and meet the OPEC quota. “For instance, in around July, our net crude oil, excluding condensate, came down to around 1 million bpd. That is the lowest ever in the history of our country and our industry.”The NNPC boss added that practical steps taken by the federal government to address issues related to pipeline security have led to a significant recovery in the country’s oil production.“Definitely, we believe that we can hit our target of 2.2 million bpd but our OPEC target is 1.
According to him, NNPC is very comfortable with what is being done now and sees no danger in the supply of oil into the country.“And of course, as we are seeing the growing production from the crude oil and condensate production, we know that ability to pay will not be an issue for us also,” he added.
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