The Nigerian National Petroleum Corporation, NNPC, on Monday named its upstream oil exploration and production subsidiary, the Nigerian Petroleum Development Company, NPDC, as the fifth largest oil producer in Nigeria.

The NPDC Managing Director, Yusuf Matashi, said in Benin that the company which currently produces 180,000 barrels per day, bpd, plans to grow its equity production to 300,000 bpd by 2018; 400,000 bpd by 2019 and 500,000 bpd by 2020.

“Having attained the position as fifth largest Exploration and Production Oil Producer in the Nigeria, due to the ongoing transformation in NNPC, I am confident the NPDC will efficiently manage its portfolios to achieve the new targets,” he said.

Mr. Matashi did not mention the four companies ahead of NPDC.

Industry data list Shell Petroleum Development Company, SPDC as accounting for Nigeria’s highest oil production capacity among the joint venture operating companies with the NNPC, over 900,000 bpd.

The others include Exonmobil Corporation, with about 600,000bpd; Chevron Nigeria Limited, CNL, with over 400,000 bpd and Nigerian Agip Oil Company, NAOC, with about 250,000 bpd.

The NPDC, he pointed out, controls 55 per cent equity in nine Oil Mining Leases, OMLs in the country, namely 4, 26, 30, 34, 38, 40, 41, 42 and 55, apart from non-equity operations in three oil blocks of selected NNPC Joint Venture fields.

Besides, there are also 60 per cent participatory interest in four OMLs, including 60, 61, 62 and 63, in addition to 100 per cent ownership of seven OMLs, including 11, 13, 64, 65, 66, 111 and 119.

This brings to its involvement in a total of 29 oil concessions, comprising 22 OMLs and seven Oil Prospecting leases, OPLs.

The NPDC, he said, with varied interests in seven deep-water concessions, also successfully executed a Global Memorandum of Understanding, GMoUs, with communities in OMLs 30 and 34.

Again, he said the company achieved a major feat recently by successfully drilling and completing five horizontal wells in nine months, in OML 26, leading to the production of an additional 7,000 bpd.

Other achievement included successful turnaround of OML 40 asset from zero to 12,000 bpd to underline the company’s rising profile as the seventh largest owner and operator of Floating Production Storage and Offloading, FPSO in Nigeria, with FPSO Mystra having 1.03 million of crude production capacity.

In addition, Mr. Matashi said the NPDC also carried out some intervention activities which led to the peak production of approximately 10,000 bpd in OML 65 in June 2017.

In the gas sector, he said the NPDC at the moment was not only the country’s largest gas producer but also the highest supplier to the domestic market.

“NPDC aggressive gas pursuit since 2009 has also raised its profile as the highest single supplier of gas to the domestic market with an average of 700 million standard cubic feet per day,” Mr. Matashi said.

“With the recent completion of the Utorogu non-Associated Gas 2 plant, about 150 million standard cubic feet of gas per day, mmscf/d added to the system; the Oredo 2 gas plant also added 100 mmscfd, while the successful re-entry of Odidi gas plant brought additional 40 mmscfd of gas,” he said.

Source: https://www.premiumtimesng.com/business/business-news/244165-state-owned-npdc-now-nigerias-fifth-largest-oil-producer-official.html

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These are some pretty impressive stats NPDC has. Even then the multinationals doing bulk of oil production. They are best at gas production which very impressive.

Seems Buhar's body language is still passing message across afterall.

Blue3k:
These are some pretty impressive stats NPDC has. Even then the multinationals doing bulk of oil production. They are best at gas production which very impressive.

@op,

Hope u knw dat u 're lying, cos u can fool others not insider like me ok..

So u guy drilled those uneconomical wells in OML 26 and u 're here making noise, after u almost bankrupt OML 30 now u guys re in OML 42 doing wat best u guys know how to do best which is awarding contracts at outrageous costs plus poor performance ..

Come op. just mind urself b4 I open una worms in the public..

buJu234:


@op,

Hope u knw dat u 're lying, cos u can fool others not insider like me ok..

So u guy drilled those uneconomical wells in OML 26 and u 're here making noise, after u almost bankrupt OML 30 now u guys re in OML 42 doing wat best u guys know how to do best which is awarding contracts at outrageous costs plus poor performance ..

Come op. just mind urself b4 I open una worms in the public..

Lol OK insider what ever you say. Btw Mr insider if you can't tell I didn't say anything its the NPDC that did. Do you have proof to back your claims or we just supposed to trust you? Take reading lessons guy.

Blue3k:


Lol OK insider what ever you sy. Btw Mr insider if you can't tell I didn't say anything its the NPDC that did. Take reading lessons.

By u posted it here without verification, plx don't b like those brown envelope bloggers ok..

Lol.. gudnite

buJu234:


By u posted it here without verification, plx don't b like those brown envelope bloggers ok..

Lol.. gudnite

Lol your just rambling now. It's on NPDC website and premiumtimes is source. Again take reading lessons "Mr insider." Why should we trust your word on this? You're suffering from delusions of grandeur it seems. If you really are an insider go report this to premium times with your proof.

The MD went further to explain that when NPDC took over OML 26 from the previous operator, Shell Petroleum Development  Company Limited (SPDC), production stood at 5,000 bbls of oil,  but now, it has soared to 11,000 bbls and it is still soaring higher.

http://dev.nnpcgroup.com/npdc/Press/News/tabid/284/articleType/ArticleView/articleId/419/NPDC-OML-26-Doubles-Production-in-6-Months.aspx

Wristler:
I still can't bring myself to predict how the crude oil market will look like come 2020 and beyond.

The fact that Dangote is still pumping money into his mega refinery is my only optimism in a world where crude oil price is falling, crude oil output is increasing and crude oil dependence is dwindling.

The only thing you said here is related to crude oil prices. From time immemorial, the price of crude oil has always gone up and down. See random walk theory for more details on the "randomness of prices" in markets. OPEC is only here provide "constants".

crude oil output is not increasing .. OPEC has a monopoly on crude output and it attempts to manipulate prices , even Russia .. plays ball with OPEC. The US oil fracking is not lucrative, all legacy oil companies own licences for fracking but a winding down or shutting down till further notice. _{see http://oilprice.com/Energy/Energy-General/Saudi-vs-Shale-The-Breakeven-Myth.html}

China the richest country in the world is rolling out an oil for gold or yuan programme. Oil producers might be able to exchange oil for gold/yuan.

With every barrel of oil bought and sold outside the US, is traded in US dollars. The US dollar is only as strong as the amount of crude flowing from one country to anther.

Alternative energy is expensive, the capitalist wont touch it, until the crude oil runs outs. With cheaper and more efficients methods of oil prospecting, drilling and extraction.

Crude oil will last till the last drop of oil is found. Only a naive businessman will kill the golden goose to buy a pigeon.