Business Nigeria’s crude oil production increases by 9%

Jan 03, 2019
Daily production of crude oil by Nigeria increased by 9 percent in 2018 to 2.09 million barrels compared to the 1.86 million barrels daily production in 2017.
 
This was disclosed by the Group Managing Director, Nigerian National Petroleum Corporation (NNPC) Maikanti Baru, adding that Nigeria maintained a line of consistent year-on-year improvement in its daily crude oil production.
 
Baru, according to a statement by the NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu on Tuesday, stated this in an end-of-year message to members of staff of the corporation, adding that the Nigerian Petroleum Development Company, Nigerian Gas Company, Petroleum Products Marketing Company, Duke Oil, NIDAS and Integrated Data Services Limited, were among the companies that boosted the corporation’s performance in 2018.
 
Baru however singled out NPDC, the corporation’s upstream company, as the major contributor to the industry’s success story in 2018.
 
Baru said he was enthusiastic on the 52 per cent daily crude oil production growth by the company when compared with its 2017 performance, explaining that the average crude production from NPDC’s operated assets alone grew from an average of 108,000 barrels of oil per day in 2017 to 165,000bod in 2018.
 
According to him, NPDC’s equity production share of 172,000bpd, representing about eight per cent of national daily production, was no less impressive, while the 200,000bpd addition which the Egina Floating Production Storage and Offloading vessel completed and sailed away to a location in August last year added to the nation’s daily production.
 
Baru revealed that the project achieved first oil at 11.20pm on December 29, 2018.
 
The NNPC GMD also informed staff members the corporation firm made a save of $1.7bn with the corporation’s Joint Venture partners over a five-year tenor repayment plan, adding that already the corporation had defrayed $1.5bn of thearrearss, promising that the NNPC would stick to the repayment agreement with the JV partners while transiting to self-funding IJV modes with the corporation’s partners.
 
 
Source: The Ripples

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