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NNPC RESTORES PRODUCTION OF 275,000 BARRELS OF OIL PER DAY AFTER DISPUTE
SETTLEMENT

Published: Nov. 12, 2023 at 6:38 p.m. ET



IBADAN, Nigeria--Nigeria's national oil company said on Sunday that it has
settled an industrial dispute between the country's two main oil unions and
TotalEnergies that restored oil production of 275,000 barrels a day in the
country.

A spokesman for the Nigerian National Petroleum Company said the company
brokered a peace deal between the management of TotalEnergies, the Petroleum and
Natural Gas Senior Staff Association and the Nigeria Union of Petroleum and
Natural Gas Workers to get the unions to call off their industrial...

IBADAN, Nigeria--Nigeria's national oil company said on Sunday that it has
settled an industrial dispute between the country's two main oil unions and
TotalEnergies that restored oil production of 275,000 barrels a day in the
country.

A spokesman for the Nigerian National Petroleum Company said the company
brokered a peace deal between the management of TotalEnergies, the Petroleum and
Natural Gas Senior Staff Association and the Nigeria Union of Petroleum and
Natural Gas Workers to get the unions to call off their industrial action.

"The unions have agreed to suspend ongoing industrial action leading to the
immediate restoration of 275,000 barrels of oil per day production," Olufemi
Soneye, NNPC's chief corporate communications officer said in a statement.

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He said a communique issued after the negotiations was signed by TotalEnergies
managing director and CEO Matthieu Bouyer, PENGASSAN president Festus Osifo and
NUPENG president Williams Akporeha, adding that "all parties committed to
resolving all the issues within an agreed framework,"

The NNPC did not state the nature or cause of the industrial dispute between the
two oil unions and TotalEnergies, operator of the NNPC/Total JV or the oil
unions' demands.

TotalEnergies EP Nigeria Ltd, or TEPNG, operates and holds a 40% interest in the
NNPC/TEPNG joint venture, which produces oil and natural gas from several
onshore and shallow water concessions.



The Nigeria Upstream Petroleum Regulatory Commission's data showed that
Nigeria's oil production last month stood at 1.49 million barrels a day. This is
below its OPEC oil production quota of 1.74 million barrels per day due to
massive oil theft and illegal bunkering, and the restoration of 275,000 barrels
a day.

-By Obafemi Oredein; Dow Jones Newswires

See original version of this story


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