The production of crude oil in the Nigerian Petroleum Development Company (NPDC), has increased by 57,000 barrels per day.
The 57,000 barrels per day raise stands for 52.7 per cent growth in crude production by the oil company.
The Group Managing of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, disclosed to the employees of the oil firm in Abuja that crude oil production by the NPDC increased from 108,000 barrels per day in 2016 to 165,000 barrels per day in 2017.
He stated that with the development, the NNPC was well on its way to meeting the 500,000 barrels per day target by 2020.
“It is also worthy to note that NPDC’s equity production share closed at over 200,700 barrels per day, representing about 10 per cent of the national daily production. Its (NPDC) last average weekly production of 332,000 barrels per day that makes the target of 500,000 barrels per day for 2020 achievable.”
“We will continue to pursue the growth plan to transform the NPDC to the premier upstream company in Nigeria and entire sub-Saharan Africa.”
What you should know about the NPDC
The Nigerian Petroleum Development Company Limited (NPDC) with Head office in Benin City and base offices/warehouses in Port Harcourt and Warri for logistics support was established in 1988 as a wholly owned subsidiary of the Nigerian National Petroleum Corporation (NNPC) with responsibility for Petroleum Exploration and Production activities.
It had in 2011 been assigned NNPC’s 55 per cent equity in eight assets divested by Shell, retaining the operatorship of most of the assets. They are OMLs 4, 26, 30, 34, 38, 40, 41 and 42.
NPDC activities cover the spectrum of the upstream Oil and Gas business. Operations are concentrated mainly in the Niger Delta and span five States (Imo, Edo, Delta, Bayelsa and Rivers) with over Two Hundred and Fifty-Seven (257) host communities.
NPDC has a Board of Directors, a Managing Director and five Executive Directors in charge of the five divisions (Operations, Joint Ventures, Services, Finance & Accounts and Technical Services).