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Nigeria’s oil production value surges to $2.7bn

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Nigeria’s oil production value surged to $2.7 billion as output hit 2.49 million barrels per day at the peak of COVID-19 in April, 2020.

The last time the country’s output reached this level was 15 years ago.

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, who gave this hint in Abuja, noted that the commitment of the Corporation to transparency and accountability made the high production possible.

With the crude price averaging $35 per barrel, the 2.49 million daily barrel amounted to $7.15 million while for 31 days in April the price cumulative production stood at $2.70 billion.

Kyari declared optimism that the Corporation would, based on its commitment to transparency and accountability, declare dividends in 2020 despite the challenges posed by COVID-19

“No company in Nigeria publishes monthly financial report like the NNPC. We have also started to publish our audited accounts. We have done this for 2018 and 2019 audited accounts and what we discovered was that that has made us learn from our past mistakes and we have been able to be more efficient as a company due to commitment to transparency and accountability.

“In April, for instance, the country’s oil production peaked at 2.49 million barrels per day. The last time we were anywhere close to this was 15 years ago,” he declared.

“Our vision is that NNPC will become a company of excellence and declare dividends to Nigerians and shareholders.

“We are optimistic that at the end of 2020, NNPC will declare dividends to Nigerians in spite of the impact of the COVID-19 pandemic,” Kyari declared at an interactive session with the National Association of Energy Correspondents (NAEC) in Abuja on Friday.

Kyari said that accountability and transparency were key to turning NNPC into an efficient and profit-oriented enterprise.

He said this was what informed the decision of the corporation to publish its operational and financial reports monthly.

Kyari said: “NNPC has never published its audited financial statement in 43 years. We came and started doing that and released the 2018 financial statement, which showed that NNPC lost N803 billion.

“We were not afraid of doing that and there were a lot of criticisms that we lost money in refinery operations and pipeline business.
“We went ahead and published the 2019 audited report and was able to learn and cut cost and became more efficient.

“There is no company in the country, which has cut its losses within one financial year by N800 billion. That means we reduced 97 per cent of our losses by cutting our cost and improving our efficiency.”

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