Nigeria’s Crude Oil Production Rises By Nine Percent

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Nigeria’s crude oil daily production recorded an upward swing of about 2.09 million barrels in 2018, translating to a nine per cent increment.

Maikanti Baru, Nigerian National Petroleum Corporation (NNPC) Group Managing Director, said the nation had maintained a line of consistent year-on-year improvement.

Baru disclosed this in a end of year message to staff of the corporation.

A release today in Abuja by NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, said the Nigerian Petroleum Development Company (NPDC), Nigerian Gas Company (NGC), Petroleum Products Marketing Company (PPMC), Duke Oil, NIDAS and Integrated Data Services Limited (IDSL), were among the re-engineered companies listed by the NNPC GMD in his statement.

Ughamadu said Baru singled out NPDC, the corporation’s Upstream flagship company, as the major contributor to the Industry’s success story in 2018, expressing enthusiasm on the 52 per cent daily crude oil production growth by the company vis-à-vis its 2017 performance.

Baru in the end-of-year statement explained that the average production from NPDC’s operated assets alone grew from an average of 108,000 of oil per day (bod) in 2017 to 165,000bod in 2018, describing the feat as the strongest production growth within the Oil Industry in recent times, even as he added that it was worth being celebrated.

The GMD said NPDC’s equity production share which stands at 172,000bod, representing about 8 per cent of national daily production, was no less impressive, saying the desired results are outcomes of initiatives his Management team emplaced, among which, he noted, are the Asset Management Tea (AMT) structure, Strategic Financing, Units Autonomy and security architecture framework.

Of the Industry milestones in the outgone year, Baru described the 200,000bop addition which the Egina Floating Production Storage and Offloading (FPSO), completed and sailed away to location in August last year, added to nation’s daily production, even as he disclosed that the project achieved First Oil at 11.20pm on 29th December, 2018.

He said a save of $1.7billion dollars by NNPC, with corporation’s Joint Venture (JV) partners over a five-year tenor repayment plan, saying already the corporation has defrayed $1.5billion of the arrears.

Baru made the promise that NNPC would stick to the Repayment Agreement with the JV Partners while transiting to self-funding IJV modes with the corporations partners, saying that tiding up the Cash Call issues has led to increased commitment and enthusiasm to invest in Nigerian Oil and Gas Industry even as it has also boosted NNPC’s credit profile internationally.

 

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