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NNPCL restores 275,000bpd production, settles operators/unions lingering rift



Oil races to near six-month highs on Iran sanctions, stocks rise

The Nigerian National Petroleum Company Ltd. (NNPCL) has restored production of 275, 000 barrels of oil per day (bpd) following the settlement of lingering rift between oil operators and unions.

The NNPC Ltd. on Sunday brokered a peace deal between TotalEnergies management, NNPC/Total JV operator, Petroleum and Natural Gas Senior Staff Association (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

In a communiqué issued at the end of a marathon negotiation session chaired by Mrs Oritsemeyiwa Eyesan, Executive Vice President, Upstream, NNPC Ltd., all parties committed to resolving all the issues within an agreed framework.

According to the communiqué, following the peace deal brokered by the NNPC Ltd., the oil operators and unions agreed to suspend ongoing industrial action leading to immediate restoration of 275,000bopd production.

The communique was signed by TotalEnergies Managing Director/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.

Emmanuella Anokam

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