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.

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


(END) Dow Jones Newswires

November 12, 2023 18:53 ET (23:53 GMT)

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