NNPC production rose by 0.03 million boepd in September as field restarts bolstered output, generating $3.4 billion in revenue for the state-owned energy firm.
NNPC reported total oil and gas output of 3.04 million boepd in September, up from 3.01 million boepd a month earlier, as some oilfields restarted. That is a small incremental supply addition, marginally bearish for crude benchmarks, but the 0.03 million boepd change is too small to shift the market much.
Nigeria's state-owned NNPC reported a production increase to 3.04 million barrels of oil equivalent per day in September, up from 3.01 million in August. The marginal gain follows the successful restart of several oilfields, contributing to total monthly revenues of $3.4 billion.
The increase was primarily driven by the restart of operations at several oilfields, leading to a modest rise in both crude oil and natural gas production.