The Nigerian National Petroleum Company Ltd (NNPCL) has restored 275, 000 barrels of oil per day production.
This came on the heels of the suspension of the strike embarked on by members of the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG). The suspension of the strike came with the intervention of NNPCL after long dispute between the management of Total Energies, operator of the NNPC/Total JV and the two unions.
A statement today, November 12, by the NNPCL’s Chief Corporate Communications Officer, Femi Soneye, said that all parties are committed to resolving the issues within an agreed time frame.
The statement reads: “Following a peace deal brokered on Sunday by the Nigerian National Petroleum Company Limited, NNPCL, between the Management of Total Energies, operator of the NNPC/Total JV, the Petroleum and Natural Gas Senior Staff Association, (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the unions have agreed to suspend ongoing industrial action leading to immediate restoration of 275, 000 barrels of oil per day production.
“In a communique issued at the end of a marathon negotiation session chaired by Mrs. Oritsemeyiwa Eyesan, Executive Vice President, Upstream, NNPCL, all parties committed to resolving all the issues within an agreed framework.
“The communique was signed by Total Energies MD/CEO Mr. Matthieu Bouyer, PENGASSAN President, Comrade Festus Osifo and NUPENG President, Comrade Williams Akporeha. It was witnessed by NNPC Ltd, EVP Upstream, Mrs. Oritsemeyiwa Eyesan, and Mr. Bala Wunti, Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, (NUIMS). Also in attendance was Mr. Victor Bandele, Deputy Managing Director, Total Energies.”
Reports have it that the restoration of the 275, 000 barrels of oil per day production draws Nigeria close to the expected production threshold of 1.8 million bpd set by the Organisation of Petroleum Exporting Countries (OPEC).
Nigeria’s oil production increased to 1.7 million barrels per day (bpd) in October, making it the highest record production since January 2023.