• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Companies Company News

This oil company will double its production by 2019

Onome Ohwovoriole by Onome Ohwovoriole
September 26, 2017
in Company News
This oil company will double its production by 2019

A leaking red oil barrel isolated on a white background. Very high resolution 3D render.

Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Petroleum Development Company(NPDC) has indicated it will double its production rates by 2019. The company currently produces 180,000 barrels of crude oil per day, and hopes to increase its production capacity to 300,000 bpd by 2018 and by 2019 and 2020 its production is expected to hit 400,000 bpd and 500,000 bpd, respectively. Managing Director of the company Yusuf Matashi disclosed this recently.

Why this is good news

Nigeria’s oil industry has been largely dominated by foreign majors. These companies end up repatriating a large proportion of their profits to their parent countries, thus denying the government of much needed revenue. Host communities have also complained of being neglected by oil companies in terms of Corporate Social Responsibility (CSR) projects.

RelatedStories

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu

June 28, 2025
Nigerian oil market faces headwinds amid unsold oil cargoes

Nigerian oil market faces headwinds amid unsold oil cargoes

April 25, 2025

.
Several of the oil majors, have however sold their holding to indigenous firms due to declining returns and community unrest. Oando Plc in July 2014 announced the completion of its acquisition of the Nigerian Upstream Oil and Gas Business of Conoco Phillips (NYSE: COP) for a total cash consideration of US$1.5 billion after customary adjustments plus a deferred consideration of US$33 million.

In addition to greater revenue for the government, the expansion in NPDC’s operations means more Nigerians will have jobs either through direct employment by the company or contracts that would be awarded to indigenous engineering firms.

Nigeria is highly dependent on oil revenues for both foreign exchange earnings and government revenue. A crash in crude oil prices and production volumes last year led to the economy going into recession

The NPDC was established in 1988 as a wholly owned subsidiary of the Nigerian National Petroleum Corporation (NNPC). The company is currently the largest supplier of gas, to the domestic market with an average of 700 million standard cubic feet per day.


Follow us for Breaking News and Market Intelligence.
Tags: crude oilNews ReviewNPDC
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu
Digital Media

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu

June 28, 2025
Nigerian oil market faces headwinds amid unsold oil cargoes
Energy

Nigerian oil market faces headwinds amid unsold oil cargoes

April 25, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Commodities

Brent and Nigerian oil blends stage recovery above $65 per barrel, eye $70

April 20, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Energy

Crude oil price rises above $74 amid U.S. sanctions, trade war concerns 

March 28, 2025
Nigeria records N1.3 trillion foreign trade surplus in Q2 2023 – Report
Economy

Nigeria’s top 10 foreign trade partners in 2024 

March 14, 2025
crude oil
Energy

Global oil prices surge on Monday as Trump’s tariffs spark supply fears 

February 3, 2025
Next Post
CBN may have pleasant news for operators in the aviation sector

CBN may have pleasant news for operators in the aviation sector

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 
  • Africa needs gas as a transformational fuel for development – Sahara Group 
  • FG to pilot 6-month training for 3,000 artisans in 10 construction trades across 3 states  

Follow us on social media:

Recent News

President Tinubu appoints 6 Chief Medical Directors for federal hospitals on 4-year terms 

President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 

July 13, 2025
Africa needs gas as a transformational fuel for development – Sahara Group 

Africa needs gas as a transformational fuel for development – Sahara Group 

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics