17 March 2015, Lagos – Daily crude oil production capacity of the Nigerian Petroleum Development Company (NPDC) has shot up from 130, 000 barrels per day (bpd) to 205, 007 thousand (kbpd), Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has disclosed.
Alison-Madueke said at a recent budget defence before the House of Representatives Joint Committee on Petroleum Resources-Upstream, Downstream and Gas Resources that the NPDC has also grown into a mid-size Exploration and Production (E&P) outfit, and a major gas supplier to Nigeria’s domestic market with over 600 million standard cubic feet (mscuf) of gas per day through its Oredo, Ughelli and Utorogu gas plants.
She equally explained that Nigeria’s crude oil production stood at an average of over 2.24 million barrels per day (mbpd), in spite of attendant challenges of crude oil theft and pipeline vandalism.
Speaking on the state of Nigeria’s petroleum industry vis-à-vis, uncertainties in global crude oil marketplace, the minister noted that the ministry and its parastatals are keen on setting the industry against the effects of lower crude oil prices by directing efforts and investments towards the diversification of oil revenue base in 2015 and beyond.
She indicated that the ministry will in this light expand its revenue on upgrade of Nigeria’s gas operations, expansion of retail outlets of its parastatals and increase the capacities of the country’s refineries, while minimising business losses.
Alison-Madueke explained that the year 2014 recorded good levels of activities in the industry, adding that the most apparent of these activities are upsurge in divestment and acquisition transactions that are now boosting the number of Nigerian upstream operations.
She noted that the ministry still recorded a number of challenges in its operations, like pipeline vandalism, crude oil theft, declining crude oil prices, and inadequate funding.
The minister called on the legislators to work with ministry to grow Nigeria’s petroleum industry.
– This Day