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The Nigerian National Petroleum Company (NNPCL) reported to the Senate Appropriations Committee that there are 4,800 illegal connections detected along over 5,000 kilometers of oil pipelines nationwide.
Mele Kyari, the Group Chief Executive Officer of NNPCL, expressed concern over the substantial number of illegal connections by illegal refiners during discussions with the committee regarding the viability of maintaining a daily oil production of 1.78 million barrels and the $77.96 oil price benchmark proposed for the 2024 budget.
Kyari assured the committee that despite the country’s current average oil production of 1.5 million barrels per day, the oil-related projections in the budget are realistic and achievable. Additionally, Kyari clarified that the 1.78 million barrels per day projected for the 2024 budget includes a daily condensate output ranging between 200,000 to 300,000 barrels. Highlighting the NNPCL’s status as a fully commercial entity, Kyari mentioned that between July and November of the current year, the company had remitted dividends totaling N406 billion into the Federation Account.
Mele Kyari GMD, NNPCL At the conclusion of the session, Senator Adeola Olamilekan, Chairman of the Committee, commended Kyari for bolstering their confidence in the feasibility of the assumptions and forecasts presented in the 2024 budget proposal. Track Up: Senator Adeola Olamilekan Chairman Senate committee On Appropriations
