The Nigerian National Petroleum Corporation, NNPC recently announced that its subsidiary firm, Nigerian Petroleum Development Company, NPDC has increased its production by 57,000 barrels per day.
This was announced in its January 2019 news edition obtained in Abuja which stated that crude production increased from 108,000bpd in 2016 to 165,000bpd in 2017.
The 57,000bpd increase represents 52.7 per cent growth in crude production by the oil company.
Group Managing Director, Maikanti Baru explained that the development meant that it was very possible for the NNPC to meet its 500,000bpd target by 2020.
He said the NPDC had been a key contributor to the consistent year-to-year national crude oil production growth, which had seen a steady rise from an average of 1.2 million barrels of oil per day in 2016 to 1.86mbpd in 2017 and 2.06mbpd in 2018.
The NNPC boss also noted that with the NPDC’s supply of over 700 million standard cubic feet of gas per day to the Escravos-Lagos Pipeline System, the company had become the largest gas supplier to the domestic market.
Baru also noted that the NPDC’s achievements were due to the introduction of some initiatives such as the Asset Management Team structure, strategic financing and autonomy.
Recall that in January 14, the NPDC interfaced with third-party financiers to raise $3.15bn to develop Nigeria’s crude reserves and increase oil and gas production from Oil Mining Lease 13 which would enable the NPDC to develop 416 million barrels of oil reserves and increase production by 94,000 barrels of oil per day.