The Nigerian National Petroleum Company Ltd (NNPCL) has successfully reached a resolution in the long-standing dispute between oil operators and unions, leading to the restoration of 275,000 barrels of oil per day (bpd) production. This achievement comes after extensive negotiations mediated by the NNPC Ltd and marks a significant milestone for the country’s oil industry.
On Sunday, a decisive peace agreement was brokered by the NNPC Ltd between the management of TotalEnergies, the NNPC/Total JV operator, and the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).
The marathon negotiation session, chaired by Oritsemeyiwa Eyesan, the executive vice president of Upstream at NNPC Ltd, aimed to address all outstanding issues within a mutually agreed framework. Today, we are pleased to announce that the collective efforts of the parties involved have yielded positive results.
As stated in the signed communiqué, the peace deal facilitated by the NNPC Ltd has led to the immediate suspension of ongoing industrial action. Consequently, the resumption of 275,000 bpd oil production provides a significant boost to Nigeria’s oil output.
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The document was signed by TotalEnergies CEO, Matthieu Bouyer, PENGASSAN President, Festus Osifo, and NUPENG President, Williams Akporeha. The ceremony was witnessed by Oritsemeyiwa Eyesan and Bala Wunti, chief upstream investment officer at NNPC Upstream Investment Management Services. Present at the gathering was also Victor Bandele, the deputy managing director of TotalEnergies.
This milestone achievement not only brings relief to the oil sector but also demonstrates the commitment of all parties involved to find common ground and resolve disputes in a peaceful and productive manner. By prioritizing dialogue and understanding, Nigeria’s oil industry can now move forward with increased stability and focus on delivering on both domestic and international oil demands.
With the resumption of oil production, Nigeria’s economy stands to benefit from increased revenue and improved energy security. The successful resolution of this conflict reflects the government’s commitment to fostering a conducive environment for investment and growth in the oil and gas sector, contributing to the overall development of the nation.
As the NNPCL and its partners work collaboratively to sustain this restored production level, it is hoped that this achievement will set a precedent for resolving future disputes and encourage a harmonious relationship among all stakeholders in the Nigerian oil industry.
