The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, has rejected a proposal by the Senate Committee Ton Appropriation.
The proposal which was rejected on Friday aimed to increase the crude oil production benchmark in the 2024 appropriation bill from 1.7 million barrels per day to 1.8mp/d.
Amidst the rejection, Kyari gave an update on the Turn around maintenance of the nation’s four refineries.
He relayed to the senators that the nation’s refineries would soon become operational and that it would lead to energy security.
Kyari avowed that the Port Harcourt refinery would come on stream in December, while Warri refinery would resume production in first quarter of 2024 and gave December 2024, as production target of the Kaduna refinery.
The Chairman, Senate Committee on Appropriation, Solomon Adeola, had made a proposal regarding the oil benchmark at the Budget Defence session between his Committee and management of the NNPC.
The federal government in the appropriation bill estimated average crude oil production benchmark of 1.78m barrels per day and crude oil price benchmark of $77.96.
The NNPC boss told the Committee that the national oil company would stick to the benchmark approved by President Bola Ahmed Tinubu in the proposed budget.
Kyari, submitted that the crude oil price and production benchmarks were based on dynamics in the global oil market.
He said, “I will advise that we stick to the submission of Mr. President on the quota. There is no way we will get crude oil less than $70.
“Once economies are growing, there will be sustained demands for crude oil in our country and other countries.
“The estimates supplied by Mr. President is realistic. When we say production, we mean total production of crude oil and condensates.
“So we combine condensates and crude oil as total marginal production. So we know our estimates is realistic. There is no curtailment on condensates from OPEC.”
|Arise News
