Nigerian Petroleum Development Company (NPDC) says it 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 is expected to hit 400,000 bpd and 500,000 bpd, respectively.
NPDC is the flagship subsidiary of the Nigerian National Petroleum Corporation (NNPC).
NPDC Managing Director, Yusuf Matashi, who disclosed this in Benin on Monday, said the planned increase in the company’s equity production is due to the ongoing transformation in NNPC.
Matashi said having attained the position as fifth largest Exploration and Production Oil Producer in Nigeria, the NPDC is poised to efficiently manage its portfolios to achieve the new target.
“The NPDC has 55 percent equity in nine blocks of Oil Mining Lease (OML) 4, 26, 30, 34, 38, 40, 41, 42 and 55; Non-equity operations in three blocks 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 seven blocks of OMLs 11, 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,” Matashi submitted.
He further 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 MD 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.
Matashi 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.
He also declared that 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,”Matashi averred.