NNPC To Grow Crude Oil Equity Production To 500,000 BPD By 2020

by Bamidele Ogunberu Posted on September 27th, 2017

The Nigerian National Petroleum Corporation (NNPC) says it is poised to grow its equity production from the current 180,000 barrels per day (bpd) to 300,000 bpd by 2018 and 500,000 bpd in 2020. The Nigerian Petroleum Development Company (NPDC). A statement by NNPC group spokesman, Mr Ndu Ughamaduin Abuja, said that the increase would be gradual.

The Nigerian Petroleum Development Company (NPDC) Managing Director, Mr Yusuf Matashi, in the statement, said the planned increase in the company’s equity production was due to the ongoing transformation in NNPC. NPDC is the oil and gas exploration and production subsidiary of the Nigerian National Petroleum Corporation (NNPC).

He explained that the company had varied interests in seven deep-water concessions and successfully executed a Global Memorandum of Understanding (GMoU) with communities in OMLs 30 and 34.

According to Matashi, NPDC drilled and completed five horizontal wells in nine months in OML 26, leading to production of an additional 7,000 bpd. He explained that NPDC had increased OML 40 asseto 12,000 bpd.

Matashi said that Floating Production Storage and Offloading (FPSO) Mystra has 1.03 million of crude producibility.

He added that NPDC also carried out some intervention activities which led to the peak production of approximately 10,000 bpd in OML 65 in June, 2017.

He disclosed that the first Oil from OML 13 was expected by the fourth quarter of the year.

He stated that the company’s greatest challenges were the reoccurring infractions on its facilities and incessant uprisings by some members of its host communities, adding that a holistic plan was underway to address them.

Photo: Oil platform

NPDC, an upstream subsidiary of the NNPC, was established in 1988 to engage in the business of Oil and Gas Exploration and production within and outside the country.

The NPDC has 55 per cent equity in nine blocks of Oil Mining Lease (OML) 4, 26, 30, 34, 38, 40, 41, 42 and 55; Non-equity operations in three blocks of selected NNPC Joint Venture fields. It has 60 per cent participatory interest in four blocks of OMLs 60, 61, 62 and 63 and 100 per cent ownership of seven blocks of OMLs 11, 13, 64, 65, 66, 111 and 119.

In a nutshell, The Nigerian Petroleum Development Company (NPDC) subsidiary of NNPC is involved in 29 concessions which comprises 22 OMLs and seven Oil Prospecting leases.

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