NNPC subsidiary to raise oil production to 500,000 barrels daily

01 March 2017, Abuja –  The Nigerian National Petroleum Corporation, NNPC, says it is determined to raise the crude oil production capacity of its exploration and production subsidiary, the Nigerian Petroleum Development Company, NPDC, to 500,000 barrels per day by 2020.

Besides, the corporation said it would also grow the company’s gas production capacity to 1,500 million standard cubic feet per day of gas within the same period.

The Group Managing Director of NNPC, Maikanti Baru, who disclosed this on Tuesday at the ongoing Nigeria Oil and Gas Conference and Exhibition in Abuja said everything was being done to achieve the set targets.

Mr. Maikanti, who delivered the keynote address titled: “NNPC’s Commercial Strategy and Priorities”, said the corporation hoped to achieve set reserve growth target as well as increase national crude oil production to three million barrels per day from the current 2.2 million barrels per day.

He also said NNPC would sustain frontier exploration in the country’s inland basins to meet government’s aspiration to achieve crude oil and gas reserves of 40 billion barrels and 200 trillion cubic feet respectively by 2020.

The NNPC GMD put the country’s current oil and gas reserves at 37 billion barrels and 192 trillion cubic feet (TCF) respectively.

Besides, efforts are currently ongoing amongst all concerned to reduce the level of gas flare by converting most of the flared volumes to ensure commerciality of the gas resources, he said.

Speaking further on gas commercialisation, Mr. Baru said efforts were on to raise between $3.6 and $4.5 billion to build the Abuja-Kaduna-Kano pipeline to help generate 3.2 gigawatts (GW) of electricity for the c

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