The Group Chief Executive Officer of NNPC Limited, Mele Kyari, has rejected the Senate Committee on Appropriation’s move to increase the crude oil production benchmark in the 2024 Appropriation Bill from 1.7 million barrels per day to 1.8 mb/d.
Kyari insisted on sticking to the benchmark approved by President Bola Tinubu, emphasizing that the estimates were realistic based on global oil market dynamics.
He cautioned that security challenges in the Niger Delta, particularly crude oil theft, could impact the Federal Government’s projections.
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Kyari provided updates on refinery maintenance, stating that Port Harcourt and Warri refineries would resume production in December and the first quarter of 2024, respectively.
He affirmed December 2024 as the production target for the Kaduna Refinery.
Senator Adeola commended Kyari for strengthening the committee’s convictions on the 2024 budgetary proposals.
