The Nigerian Petroleum Development Company (NPDC) has revealed that it has been recording production successes from its oil and gas assets.
This was disclosed by Mr Mansur Sambo, the Managing Director of NPDC, in a meeting with members House of Representatives Committee on Petroleum Resources (Upstream) during an oversight function in Benin, Edo State, according to the News Agency of Nigeria.
The NPDC boss disclosed that NPDC has about 38 assets out of which 24 were producing, and finalizing the Ogoni re-entry strategy plan in Oml 11 and commenced Gas SPV Shareholders Agreement and Gas Sale Agreement Negotiations.
What the NPDC boss is saying
Sambo who gave an overview of the operations of NPDC told the committee that the NPDC, in Oml 26 had completed debottlenecking/upgrade of Ogoni flow station, and plans to commission operations soon.
“We have completed the Abura field heavy oil development studies, Abura 6ST to add incremental production of 1,500 barrel per day (bpd) in the fourth quarter of 2021.
“We have also successfully drilled and completed Oredo 18 and 19 and completed post-completion test for Oredo 18.
“Over the next five years, NPDC aspires to embark on an aggressive but cost-effective production strategy to reach 500,000 bpd and 734mmscf/d gas.
“2020 till now has been very challenging due to the outbreak of Covid-19 pandemic, NPDC is not only surviving but still standing very strong.
“We are probably the only oil company in Nigeria that recorded positive indices in 2020, other IOCs recorded negative indices.
“We just held our board meeting and our audited financial statements were presented to NPDC board.
“What this means is that as the company survives, it will continue to meet its obligation by way of payment of taxes and royalty to the federation.
“We were able to keep employments during the Covid-19 period without letting anyone go,” he said.
What you should know
- Nairametrics reported last month that Shell launched a major divestment from its onshore Nigerian assets in a bid to sell its stakes in Shell Petroleum Development Company of Nigeria limited.
- Shell added it is selling its Nigerian onshore business because it no longer views its activities in the Niger Delta as core to its ongoing strategy, which is driven by the Environmental, Special and Governance pressure from its investors.