Nigeria’s crude production has received a boost with the commencement of oil production from the Akpo West Field.
The field according to the Nigerian National Petroleum Company Limited (NNPC Ltd.) will be producing 14,000 barrels per day.
Nigeria’s oil production had hit an all time high of 1.4m barrels in December with hopes of hitting 1.5m by January 2024.
In a statement issued by Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd on Wednesday, the commencement of production on the Akpo West field is in adherence to President Bola Ahmed Tinubu’s directive to maximize oil and gas production.
“This accomplishment aligns with broader national objectives and highlights NNPC Ltd.’s commitment to optimizing the country’s energy assets,” he said.
The statement credited the latest addition to Nigeria’s oil production to President Tinubu’s vision noting that it has set the stage for further advancements.
“The milestone, which is the result of meticulous planning, strategic collaboration, and unwavering dedication from all stakeholders involved in the project, will add 14,000 barrels per day of condensate to the nation’s production.
“This will be followed up by the production of about 4 million cubic meters of gas per day by 2028,” a part of the statement read.
The development of Akpo West, situated on Petroleum Mining Lease (PML) 2 (formerly OML 130), utilises the existing Akpo Floating Production Storage and Offloading (FPSO) facility through a subsea tie-back.
This approach not only keeps production costs at bay but also minimizes greenhouse gas emissions, demonstrating a commitment to sustainable energy practices.
This milestone reflects the effective leadership of Mr Mele Kyari, the Group Chief Executive Officer, and the dedicated efforts of NNPC Ltd.’s Upstream Directorate. Their strategic guidance and unwavering support have been instrumental in driving the operators to realize the short- and mid-term hydrocarbon production goals set by the Tinubu administration.”
Akpo West, located 135 kilometres offshore, stands as a remarkable discovery on PML 2, complementing the Akpo Main, which commenced operations in 2009 and boasted a production of 124,000 barrels of oil equivalent per day in 2023.
The operation of PML 2 involves TotalEnergies, holding a 24% interest, in collaboration with CNOOC (45 percent), Sapetro (15 percent), Prime 130 (16 percent), and NNPC Ltd. as the concessionaire of the Production Sharing Contract (PSC).