Home Energy Nigeria’s crude oil production steady at 2.3mbpd

Nigeria’s crude oil production steady at 2.3mbpd

Nigeria’s oil sector prime investment destination – Baru

Group Managing Director of the Corporation, Dr. Maikanti Baru has disclosed that Nigeria’s current crude oil production was 2.3million barrels per day including condensates, adding that production as at the end of 2018 was 2.1mbpd.

Dr. Baru, disclosed this when he played host to the national leadership of the Nigerian Union of Journalists (NUJ) led by its President, Mr. Chris Isiguzo, at the NNPC Towers in Abuja,

Baru stated that the corporation in compliance with the Economic Recovery and Growth Plan (ERGP) of President Muhammadu Buhari, had reduced the cost of crude oil production per barrel from $27 to $22, with a commitment to drive it further down.

He noted that the Corporation was working round the clock to rid the Federal Government of the huge financial burden of Cash-Call commitment by developing workable alternative funding arrangements.

“The NNPC is increasing crude oil production through its flagship Upstream Company, Nigerian Petroleum Development Company (NPDC). The NPDC in 2016 was producing just 65,000 barrels per day equity but as at today, the company is producing 166,000 barrels per day equity but overall production of the company is about 300,000 bpd,” Baru informed.

He said the NPDC was the main supplier of gas to the power sector, stressing that the Corporation was currently producing 1.5million standard cubic feet of gas making NNPC the largest supplier of gas to power.

The NNPC helmsman noted that the Corporation had recorded enormous saving of $1.2bn through its Direct Sale Direct Purchase (DSDP) scheme adopted for petroleum products imports.

He added that through the DSDP scheme, the Corporation had succeeded in ensuring steady supply and distribution of petroleum products across every nook and cranny of the country,adding that as at today he was a happy man because every nook and cranny of the country was well supplied with Premium Motor Spirit (PMS) otherwise known as petrol, kerosene, diesel and aviation fuel.

The NNPC helmsman said the activities of cross-border petroleum products smugglers had cause much hardship for Nigerians and robbed the nation of huge sums of money and should not be allowed to continue.

He therefore called on members of the Nigerian Union of Journalists to join the Corporation is naming and shaming cross-border smugglers of petroleum products.

He also urged the NUJ to support the NNPC in educating and discouraging people from indulging in illegal refining of petroleum products as it pollutes the air with soot, destroys aquatic lives and the entire ecosystem.

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