The Nigerian Petroleum Development Company (NPDC), one of the upstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC), will increase its daily crude oil production to 500,000 barrels per day before 2022.
Dr. Maikanti Baru Group Managing Director of the NNPC, who announced the target yesterday during the inauguration of the board of directors of the company in Abuja, charged them to grow the company’s assets and ensure that the 500,000 barrels per day crude oil production target is met by 2022”.
He disclosed that the company was currently supplying 50 per cent of the West African Gas Pipeline system gas, adding that it was the in thing to have more gas assets, while commending the company for leaving up to expectations.
Dr. Baru was quoted in a statement as directing that NPDC’s Memorandum of Understanding (MOUs) with host communities should be tied to the availability of the lines saying “as stakeholders, they share in both our success and losses as well”.
Speaking at the event, Mr. Yusuf Matashi, Managing Director of the company, said from the meteoric growth the company had witnessed since 2016, the GMD’s target of 500,000 barrels per day was realisable by 2022.
He said the board came at an appropriate time as it would address issues of processes and procedures necessary to drive a major oil company like the NPDC, while assuring it of the commitment of the company to the growth target.
The NPDC currently produces about 200,000 barrels per day and going by its work programme, it will increase to 300,000 barrels per day this year.