The Nigerian Petroleum Development Company, NPDC, an upstream subsidiary of the Nigerian National Petroleum Corporation, NNPC, has revealed plans to increase its daily crude oil production to 500,000 barrels per day before 2022.
This target was announced by the Group Managing Director of the NNPC, Maikanti Baru, during the inauguration of the board of directors of the company in Abuja.
Baru, who address the members of the board, 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.
According to a statement by spokesman of the corporation Ndu Ughamadu, the GMD disclosed that the company was currently supplying 50 per cent of the West African Gas Pipeline system gas.
The GMD directed 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”.
Also speaking at the event, Managing Director of the company, Mr. Yusuf Matashi, 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.