NIGERIAN National Petroleum Corporation (NNPC) said it targets to achieve three million barrels per day (bpd) in oil production in no distant time.
Group Managing Director of NNPC, Mele Kyari stated this at a media parley organised for Energy Editors at Abuja.
According to him, NNPC has revved up exploration work in the inland basins culminating in the oil find in commercial quantity, in the Upper Benue Trough.
“The drilling of Kolmani River III Well is ongoing with very high prospect of oil find. Seismic data collection is ongoing in the Bida Basin and we are re-launching exploration work in the Chad Basin. We have also resolved a number of disputes that hampered production activities with a view to boosting production to meet the 3million barrels per day production target.
Key among these is dispute involving Shell and Belema Oil that shut in over 30,000barrels per day production in OML 25. We have also executed the Abo OML 125 Heads of Terms leading to the resolution of the issues around most of the deep offshore production sharing contracts, paving way for eventual renewal of OML 125 and further investment in exploring the lucrative field,” he said.
As regards funding, which is critical in oil production, Kyari said NNPC also secured a number of alternative funding facilities for the NPDC and some of our Joint Ventures to facilitate the development of some of our assets.
“These include the N875.75 million NPDC Alternative Funding and Technical services package with CMES-OMS Petroleum Development Company, the $3.15 billion Alternative Financing Package with Sterling Exploration and Energy Production Company Limited (SEEPCO) and other partners for the development of NPDC’s OML 13.
You may be aware of the NLNG Train 7 and other gas infrastructure projects such as the Escravos-Lagos Pipeline System Phase 2, Obiafu-Obrikom-Oben (OB3) gas pipeline, Ajaokuta-Kaduna-Kano (AKK) gas Pipeline, while the Integrated Gas Handling Facility in Edo State is billed for commissioning soon. All these projects are aimed at ensuring that Nigeria takes its rightful place in the emerging global energy order where natural gas is envisaged to play a pivotal role,” he said.