NPDC poised to grow equity production to 500, 000 bpd by 2020
THE Nigerian Petroleum Development Company (NPDC), the flagship subsidiary of the Nigerian National Petroleum Corporation (NNPC), is poised to grow its equity production from the current 180,000 barrels per day to 300,000 bpd by 2018 and by 2019 and 2020 its production was expected to hit 400,000 bpd and 500,000 bpd respectively.
NPDC Managing Director, Mr Yusuf Matashi, who disclosed this in Benin, said the planned increase in the company’s equity production was due to the ongoing transformation in NNPC.
The Group General Manager, Group Public Affairs Division of NNPC, Udu Ughamadu, made this known in a statement made available to Tribune Online in Abuja, on Tuesday.
Having attained the position as fifth largest exploration and production oil producer in the Nigeria, it said the NPDC was poised to efficiently manage its portfolios to achieve the new target.
According to the statement, “the NPDC has 55 percent equity in eight (8) blocks of Oil Mining Lease (OML) 4, 26, 30, 34, 38, 40, 41 and 42; Non-equity operations in four (4) blocks (OMLs 11, 20, 49 & 51) of selected NNPC Joint Venture fields; 60 percent participatory interest in four blocks of OMLs 60, 61, 62 and 63 and 100 percent ownership of six (6)blocks of OMLs 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”, the statement added.
It 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.
The statement 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 1.03 million of crude producibility.
It 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.
“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”, the statement.
It maintained that the NPDC as a responsible and responsive company had awarded scholarships 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.
The statement said 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.
It therefore 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.
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