Nigeria Produced 2.019m bpd in 2018, Says NNPC

                           

The Nigerian National Petroleum Corporation (NNPC) says that the national average daily crude oil production stood at about 2.019 million barrels in 2018.

The NNPC Group Managing Director, Dr Maikanti Baru, disclosed this at the 12th International Conference of the Nigerian Association for Energy Economics (NAEE), in Abuja, on Monday.

Baru reeled out some of the achievements of the corporation under his watch while presenting a keynote address as the guest speaker.

He said that the volume of crude produced translated to an increase of 9 per cent above the 2017 average of 1.86 million barrels.

According to him, it is a significant improvement from the unimpressive production level recorded on assumption of office in July, 2016.

“To underline this, the Nigeria Petroleum Development Company (NPDC) in 2018 posted a production growth of 52 per cent compared to 2017 (i.e from an average of 108kbod in 2017 to 165kbod in 2018),” he said.

READ  Mercy Johnson Remembers Her Late Mum With Emotional Post

On nationwide fuel supply, he said that the corporation established a petroleum products task force that helped it achieved steady supply of products across the country.

He said that a total of 1.2 billion litres was sold in 2018 as against 1.1 billion litres in 2017, representing seven per cent increase.

“This was achieved through addition of 40 new affiliate and leased stations bringing the network to 618 stations nationwide.

“NNPC Retail has also moved from loss making to profitability,” he added.

On Joint Venture(JV) cash, Baru said that the corporation negotiated settlement of the Pre-2016 JV Cash Call Arrears and also championed indigenous cash exit/JV self-funding mechanism.

“So far, we have repaid over 1.5 billion dollars out of the 5.1 billion dollars cash call arrears to date, a development that has not only restored the confidence of International Oil Company JV partners, but has also led to improved reserves growth and crude oil production.

READ  NNPC Reiterates Support For Agro-Allied Industries

“It was quite fulfilling that in 2018, that’s for the second year in a row, we concluded the fiscal year without any cash call arrears, he said.

The GMD further noted that NNPC made remarkable inroads in frontier exploration within some inland basins of the country.

He said topmost on this was the Kolmani River-II Well which was inaugurated in February by President Muhammadu Buhari.

“So far, our operations there are progressing satisfactorily, with drilling so far at over 10,000 feet with tremendous prospects,” he said.

“There was also the Chad Basin which was halted by the security situation in the area. The Basin received new vigor with the successful Spud-In of Kolmani River Well II at an elaborate ceremony by President Muhammadu Buhari.

On Gas Supply to Power in 2018, he said that the national average daily gas production stood at 7.90bscf.

READ  How Covid -19 Pandemic Opened Up Immense Talents Of Nigerian Scientists By President Buhari

This, he said represented an increase of three per cent above 2017 average daily gas production of 7.67bscf.

“Of the 7.90bscfd produced in 2018, an average of 3.32bscfd (42%) was supplied to the export market, 2.5bscfd (32%) for Re-injection/Fuel Gas, 1.3bscfd (16%) was supplied to the domestic market and about 783mmscfd (10%) was flared.

“Domestic gas supply capacity was marginally stable at about 1700mmscfd with an average of 1.3bscfd actually supplied to the domestic market,” he added

He noted that of the 1.3bscfd supplied to the domestic market, an average of 761mmscfd was supplied to the power sector while 470mmscfd was supplied to the industries and the balance of 69mmscfd was delivered to the West African market through the West African Gas Pipeline (WAGP). (NAN)

Recommended For You

1 Comment

  1. AFRICAN DATING AGENCY ORGANIZATION,THE BEST CERTIFIED RELIABLE AGENCY COMPANY IN NIGERIAN/GHANA
    ARE YOU SEEKING FOR A RICH SUGAR MUMMY/DADDY/LESBIANS/GAY/ IN NIGERIA, GHANA, ANYONE INTERESTED SHOULD CONTACT AFRICAN DATING AGENCY ORGANIZATION DATABASE ADMINISTRATOR IN NIGERIA VIA(+2348145236851)the only true legitimate agency for people who are seeking for rich and wealthy sugar mummy/daddy/lesbian/gay/ in Nigeria/Ghana u can also have the opportunity to attend our sugar mummies parties and the executive ladies and men parties by contacting Africa dating agency.
    for all works of life, we covered all the state in Nigeria/Ghana/ we are fully registered and recognized
    by CORPORATE AFFAIRS COMMISSION, read more
    about us on our official
    magazine called African dating magazine,were you find lots of comment and testimonies of people we have render our service from January 2010 up till date,
    we have links with ladies who are EXECUTIVES, BUSINESS DIRECTORS, ENTREPRENEURS, BIG TIME OIL LADIES, BANKERS, GOLD DEALERS, LADIES WHO OWNS THEIR OWN COMPANIES, OIL RIGS, AND we also have them in FOREIGN COUNTRIES, LIKE DUBAI LONDON, PARIS, UNITED STATES OF AMERICA, we are around the world…. WE DELIVER UNIQUE, RELIABLE, CONFIDENTIAL SERVICE TO ALL OUR CLIENT But you must be very presentable, handsome, pretty and humble, you must also be very good on bed.
    If you are very sure of yourself that you have all these qualities…. then contact African dating agency for hookup within 48 hours and make cool cash, anyone interested should start calling now for hookup…
    NAME….JAMES BALOGUN
    FB ID… BALOGUN SODIQ JAMES
    EMILE ADDRESS…BALOGUNS60@YAHOO.COM
    WHATSAPP NO…….+2348145236851

Leave a Reply