NPDC’s asset portfolio to hit $5b by 2022
NPDC
Nigerian Petroleum Development Corporation Limited, (NPDC), has unveiled plans to increase asset portfolio from the current $3 billion to $5 billion by 2022.
Speaking at the opening ceremony of Accrete Petroleum’s office complex in Lagos at the weekend, the Managing Director of the company, Yusuf Matashi, added that the corporation aimed to increase production to 500,000 barrels per day from the current level of 150,000 and 180,000 barrels per day equity.
“We want regional efficiency, cost contending and from the most recent challenges, we would work at alternative evacuation route to keep us in business in house. NPDC is one of Nigerian National Petroleum Corporation (NNPC)’s upstream subsidiaries established in 1988 to engage in the business of oil and gas production and exploration in country and international”, he said.Matashi noted that the growth target might seem doubtful, but it’s achievable because they are sacrosanct to the corporation.
According to him, there is a great zeal to move and the ground work for the elaborate plan has already been set in motion. “The expansion seeks to achieve significant production and not limited, but across all assets,” he added.
The NPDC boss also remarked that as the first born of Nigerian content in Nigeria, they have all the assets to achieve the increment in five years from the reserve of over three billion barrels in their portfolio.
He explained that the corporation is operating in the continental shell of Nigeria, “we are in the swam , we have assets under Production Sharing Contracts (PSC) in deepwater and with other additional oil exploration activities, we have confidence that we can easily grow our assets to nothing less than 5 billion dollars in the next five years.”
Mutashi advanced that the level of confident of the lofty targets because the resources are there, the assets are many, and most importantly the partnership with Accrete Petroleum to bring in the technology to deliver those targets.
The Managing Director, Accrete Petroleum, Bukola Oladunjoye, said such partnerships were necessary and critical to the oil and gas sector because only then can there be reserve evaluation and strategy optimization.
He added that after seven years of rigorous work, the company have deployed several technology innovations in the industry and now with a much more bigger than SPDC seeks to work more on better innovations.
Related
Latest
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.