THISDAY reports that Nigeria’s crude oil daily production recorded an upward swing of about 2.09 million barrels in 2018. This translates to a nine percent increment, compared with the 2017 average daily production of 1.86 million barrels.
Addressing the low-level daily crude oil production in 2016, Nigerian National Petroleum Corporation’s (NNPC) Group Managing Director, Dr. Maikanti Baru, said the nation had maintained a line of consistent year-on-year improvement.
Baru, who made the submission in a comprehensive end-of-year message to staff of the corporation, noted that crude oil increment and other milestones recorded by NNPC in 2018, was as a result of the new business models his team has emplaced in the national oil company.
A statement issued by NNPC’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, 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), were among the re-engineered companies.
Ughamadu said Baru singled out NPDC, the corporation’s upstream flagship company, as the major contributor to the industry’s success story in 2018, expressing enthusiasm on the 52 percent daily crude oil production growth by the company vis-à-vis its 2017 performance.
Baru explained 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 165,000 bpd in 2018. He described the achievement as the strongest production growth within the oil industry in recent times, even as he added that it was worth being celebrated.
Noting the achievements of the NNPC in the upstream sector, Baru said the milestones achieved by his team in this area include- reduction in contracting cycle for Upstream Operations to nine months from an average of 24, even as the corporation targets a six months cycle; lowering of production cost from $27 per barrel to $22 per barrel; and improving on the security situation in the Niger Delta through constructive engagement and dialogue with relevant stakeholders.