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.
This target was announced by the Group Managing Director of the NNPC, Dr. Maikanti Baru, during the inauguration of the board of directors of the company in Abuja.
Addressing the members, the GMD who also doubles as Chairman 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”.
He disclosed that the company was currently supplying 50 percent 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 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 realizable 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.