The Nigeria Petroleum Development Company, a subsidiary of the Nigeria National Petroleum Corporation (NNPC) has announced an increase in her share of the national crude oil output to 332,000bpd in 2019 from 165,000bpd in 2017. This current average production rate, makes it closer to her goal of 500,000bpd by 2020.
The corporation’s Group Managing Director, Maikanti Baru, who disclosed this to employees of the oil firm in Abuja, stated that with the development, the NNPC was well on its way to meeting the 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.
Baru was quoted in the report as saying, “It is also worthy to note that NPDC’s equity production share closed at over 200,700bpd, representing about 10 per cent of the national daily production.
“Its (NPDC) last average weekly production of 332,000bpd makes the target of 500,000bpd for 2020 achievable.”
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 said the NPDC’s achievements were due to the introduction of some initiatives such as the Asset Management Team structure, strategic financing and autonomy.
Others include the security architecture framework review of the company, which promoted cooperation with joint venture partners and enhanced the decision-making process.
There’s no substantial reason why Nigeria, a country blessed with natural and human resources will only be controlling a merge share of the Nation’s crude oil output. If we can’t properly handle explorations, how well can we handle refining? The NPDC must continue to geared efforts towards increasing these numbers. With increased financial investment and security framework, to develop Nigeria crude oil reserve, the NPDC will definitely grow her equity share of production from the current 10 Percent.