The Nigerian Petroleum Development Company (NPDC), exploration and production (E&P) subsidiary of the Nigerian National Petroleum Corporation (NNPC) is now the fifth largest company engaging in E&P activities in Nigeria's oil and gas sector, Group Managing Director, Mr. Andrew Yakubu, has said.
The Nigerian Petroleum Development Company (NPDC), exploration and production (E&P) subsidiary of the Nigerian National Petroleum Corporation (NNPC) is now the fifth largest company engaging in E&P activities in Nigeria's oil and gas sector, Group Managing Director, Mr. Andrew Yakubu, has said.
Making the disclosure in Benin at the official launching of the NPDC's Oredo integrated gas handling facility by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, Yakubu stated that the NPDC, which currently produces about 130,000 barrels per day (bpd) is set to meet the 250,000bpd production target set by the Federal Government.
He said: "This is the first major gas development project of NPDC and this clearly symbolizes our swift response to the Federal Government's gas-to-power programme. With an average crude oil production of 130,000bpd, NPDC is clearly the fifth largest oil producer in the country."
The bulk of NPDC's crude oil production will come from oil mining leases (OMLs) assigned to it from the divestment of NNPC's Joint Venture partners such as Shell. For instance, in OML 119, which is NPDC's concession on the continental shelf, the Okono and Okpoho fields are currently producing about 70,000bpd.
The company equally has non-operated interest in nine deepwater acreages while its land assets in OML 65 (Abura field) and OML 111 (Oredo and Oziengbe) fields. Production is approximately 12,000 bpd from the fields. Also, its swamp interests in OMLs 64 and 66 in partnership with SIPEC are still under development.
Managing Director of NPDC, Mr. Victor Briggs recently noted that the company will activate a plan to drill 40 wells within the next five years in an aggressive drilling programme that has commenced with the Okono 6 and 7 wells in OML 119 to shore-up crude production.
Briggs explained that the company's best bet at attaining the government's mandate was to get down to work which is what it has done. He added that by the end of 2013, a total of four drilling rigs, one offshore, two on land and one at the swamp will be working for the company in line with the 250,000bpd production target of government in the next two years.
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