FG targets 500,000bpd Oil production

 

Chinazor Megbolu   |  

The Federal Government of Nigeria is targeting 500,000 barrels of oil per day (BPD) within the next two years.

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari disclosed this  during an inspection tour of the 100 million standard cubic feet of gas capacity Oredo Integrated Gas Handling Facility (IGHF) project in Ologbo, Ikpoba-Okha local government area of Edo State. 

 

He noted that the company has mapped out key drilling and invention projects and activities towards actualising the feat through its Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

According to him; “a little around one year ago, NPDC was producing about 136,000 BOPD, today we are producing 260,000 BOPD.

“This is a very magnificent level of growth in any upstream company and our target is to take this company towards the production level of 500,000 barrels of crude per day.

“This is possible within two years, we have lined up a number of projects and activities and today we have the highest number of a rig running in this country.

“We have five rigs running at the same time adding incremental value and delivering major projects, which will ultimately contribute towards the production of 500, 000 barrels of oil per day,” Kyari said.

He further stated that NPDC is the largest producer of gas, which contributes billion standard cubic feet of gas per day (1bscfg/d) to the domestic market for power generation.

Kyari further disclosed that the IGHF plant is estimated to produce 100 million standard cubic feet of gas on a daily basis and of 330 metric tonnes of Liquefied Petroleum Gas (LPG) per day, 300 metric tonnes of Propane, 2,600 barrels condensate.

“This is very monumental compared to the current levels where all the supply except those coming from the NLNG is coming from imports.

”And we are trying to contain importation of gas because Nigeria is blessed with gas resources and we cannot be importing LPG from anybody.

“Completing this project is a monumental feat for this country and ultimately what is important is that this country will be sufficient in LPG within a short period of time.

“With the support from President’s Muhammadu Buhari, we will now be delivering gas without interruption into the domestic market, the supply of crude oil to the international market by our own company.

“Today we are making about five billion standard cubic feet of gas into the entire domestic market which includes the NLNG supply of about 3.5 billion, the balance of 1.5 billion or a little more than that comes into the domestic market.

“That is shared between power and industries,” 

 

He added that the project which awarded in 2015 would be commissioned in October 2020.