Nigerian Petroleum Development Company (NPDC), the flagship subsidiary of Nigeria’s state oil company, the Nigerian National Petroleum Corporation (NNPC), has indicated its plan to grow its equity production from the current 180,000 barrels per day (bpd) to 300,000 by 2018 and that by 2019 and 2020 its production is expected to hit 400,000 bpd and 500,000 bpd, respectively.
Yusuf Matashi, NPDC managing director, who disclosed this Monday in Benin, said the planned increase in the company’s equity production was due to the ongoing transformation in NNPC.
Matashi said having attained the position as fifth largest exploration and production oil producer in the Nigeria, the NPDC was poised to efficiently manage its portfolios to achieve the new target.
“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; 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 Company is involved in 29 concessions which comprises 22 OMLs and seven Oil Prospecting leases,” Matashi submitted.
- MTN Nigeria leads pack of top-earning directors' list for 2020 financial year
- Nigerian engineers to manage world’s largest single train refinery
- Sincere commitment to reduce corruption in Nigeria
- Revealed! Nigeria among countries most sceptical about 5G technology
- Nigeria’s reserves down $1.38bn in 30 days amid rising oil prices
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, adding that NPDC achieved a major feat by successfully drilling and completing five horizontal wells in nine months in OML 26, leading to production of an additional 7, 000 bpd.
Matashi enthused that NPDC had successfully turnaround OML 40 asset from 0 bpd to 12, 000 bpd which underlined the company’s rising profile as the 7th largest owner and operator of floating production storage and offloading (FPSO) in Nigeria, with FPSO Mystra having 103 million of crude production.
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.
Matashi declared presently, the NPDC was the biggest and largest gas producer in the country and was also the highest supplier of gas to the domestic market.
“NPDC aggressive gas pursuit since 2009 has also raised the company’s profile as the highest single supplier of gas to the domestic market with an average of 700 million standard cubic feet per day.
“The Utorogu Non-Associated Gas 11 plant was also completed recently adding 150 mmscfd; the Oredo 2 gas plant also adds 100 mmscfd and the successful re-entry of Odidi which led to an addition of 40 mmscfd of gas indeed represents a major achievement for the company and a step forward to achieving NPDC’s aspiration to become a serious global player in the E & P industry,” Matashi averred.
He maintained that the NPDC as a responsible and responsive company had awarded scholarship to over 6,000 indigent members of its host communities which traversed host states, renovated and built block of classrooms, provided classroom furniture and offered employment opportunities in its areas of operation as a means of empowering the communities.
Matashi applauded the Federal Government, the NNPC Top Management Committee (TMC) and the NNPC management for helping the company to take ownership of OML 13, disclosing that First Oil from that OML was expected by the fourth quarter of the year.
He stated that the greatest challenges of the company were the reoccurring infractions on its facilities and the incessant uprisings by some members of its host communities, adding that a holistic plan was being worked out to address the teething challenges.
The Nigerian Petroleum Development Company (NPDC) is one of the upstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC) that was established in 1988 to engage in the business of oil and gas exploration and production within and outside the country.
Frontpage December 16, 2019