…Targets production cost of $20 per barrel
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, says Nigeria’s daily oil production has increased to 2.32 million barrel per day (bpd).
The NNPC boss disclosed this on Tuesday, while hosting the executive members of the Nigerian Union of Journalists (NUJ) led by its National President, Mr Chris Isiguzo.
He explained that three years ago, when he came on board that the daily production was about a million barrels per day, but has increased over time to 2.1 million barrels.
According to him, “as at this morning, we’re 2.3 million bpd, this stability and ability to push productions spring from good relations with host communities and internal cohesion.”
Baru, however, added that the corporation targets are to reduce crude oil production cost from the current $27 per barrel to $20 in its strategic effort to deliver the best value for the country.
According to him, the Corporation has recorded stable crude oil production level, which now averages at around 2.3 million barrels per day.
In his speech Baru said that the national oil company was working assiduously to meet the goals of the Economic Recovery and Growth Plan (ERGP), which is the government’s policy vehicle to move to the economy to the next level.
“We will work hard to meet the ERGP goals. And we’re focused on increasing oil and gas production and condensate” He said.
On gas production, Baru said the NNPC via its subsidiary; the Nigerian Petroleum Development Company (NPDC) has increased from 400 million cubic feet to 1.5 million cubic feet.
On the Direct Sale Direct Supply (DSDP) approach to crude sales and products import, the NNPC NJ passed said Nigeria saved N1.2 billion in one year using that template.
He added: “Our transparency fetched us $.3.6 billion worth of foreign direct investment in 2017. In 2018, it was $3 billion, while in 2019; we have recorded $7 billion so far”.
The NNPC GMD also urged the media to help it in the fight against illegal refineries and products diversion.
“We have to remind the illegal refiners that they’re doing more harm. The crude is cooked poorly, spills in the waters, kills aqua life, causes acidic rain and impoverishes the people.
“It constitutes a grave health hazard. Look at the spot all over Port Harcourt. It’s from the activities of the illegal refineries.
“We also have to warn the crooks involved in product diversion/smuggling to stop it because it’s bleeding our economy.
“Some do it with 50-litre jerry cans via motorcycles. Within a few shuttles, a truck is drained and these smugglers use the porous borders. Petrol is N390 per litre in Cameroon, in Chad, it is N350/litre, N310 a litre in Ghana and so on”, Baru stated.