Crude Oil Production Records 9% Rise in 2018
Crude oil production in Nigeria recorded an increase of 2.09 million barrels in 2018, representing 9 percent as compared to the 2017 figure which was 1.86million barrels.
This was disclosed by the Group Managing Director of the Nigerian National Petroleum Corporation’s (NNPC) Dr. Maikanti Baru in an end of year message to the personnel of the corporation.
Baru said the country has maintained a rise in crude oil production year to year.
The GMD NNPC in a statement issued by the Group Public Affairs Division, Mr. Ndu Ughamadu harped on a number of business models being put in place by the corporation.
He said the Nigerian Petroleum Development Company (NPDC), Nigerian Gas Company (NGC), Petroleum Products Marketing Company (PPMC), Duke Oil, NIDAS and Integrated Data Services Limited (IDSL), have been re-engineered to give the best.
He added that NPDC which is corporation’s upstream flagship firm has remained a major contributor to the industry’s success story last year with 52 per cent daily crude oil production growth since 2017.
He disclosed that the average production from NPDC’s operated assets alone grew from an average of 108,000 barrels of oil per day (bpd) in 2017 to 165,000bod in 2018, a development he described as among the strongest production growth in the oil industry in recent times.
Bar also described as impressive NPDC’s equity production share which stands at 172,000 bpd, representing about eight per cent of national daily production.
Among the achievements of the NNPC in the upstream sector according to Baru include reduction in contracting cycle for Upstream Operations to nine months from an average of 24.
He added that the NNPC is targeting a six months cycle and lowering of production cost from $27 per barrel to $22 per barrel.
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