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NPDC Targets 500,000 Barrels Per Day Oil Production Volume

The Nigerian Petroleum Development Company an upstream subsidiary of the Nigerian National Petroleum Corporation contributes a total of one billion Standard Cubic Feet Of Gas Per Day to the country’s production volume.

The NNPC Group Managing Director mele kyari said this on Wednesday during a tour of oil and gas facilities and installations at the NPDC in Benin, Edo State.

According to the GMD, the company which is owned 100 per cent by Nigerians is being developed to become the apex upstream company in the country.

He also said the target of the company in the next two years is to raise oil production output to about 500,000 Barrel Per Day.

The NPDC production volume moved from 136,000 barrels of oil per day in 2019 to about 260,000 barrels per day this year.

“This is possible within two years as we have lined up projects to achieve that

“With the support of key stakeholders, particularly Mr. President, we will achieve this goal,” he added.

Kyari stated that being the largest contributor of gas to the domestic market for the power sector, the NPDC remains a national responsibility.

“NPDC is a top grade company that’s producing oil at a cost cheaper than most of its competitors.This is part of our target of bringing down the cost of prodn to $10/barrel.

”We’re using NPDC as a benchmark so that once it delivers,every other company must deliver.”Mele kyari NNPCNNPCnpdcOil & GasShareSubscribe To Daily NewsletterYou can unsubscribe at any time

The Oil and Gas sector has the potential to unlock $580bn to $600bn through digitisation and democratisation of oil industry data, the Managing Director Integrated Data Services Limited, Ayebateke Bariwei, has said.

Democratising oil industry data implies making the right data available to the right people at any time.

He said this on Thursday in a keynote address during a virtual presentation co-hosted by the Nigerian National Petroleum Corporation and IDSL titled, ‘Leveraging data democratisation to improve asset management efficiency.’

The MD said the $600bn potential could be achieved when things are done differently in a manner that promotes, “transparency, accountability and performance excellence.”

Nigeria’s oil and gas industry had over the years experienced a boom and bust cycle.

According to Bariwei, things could be done differently in the country’s oil sector if potential issues associated with operational inefficiencies are addressed.

He explained further that adapting to recent technology in the sector would enhance productivity, reduce waste and improve system efficiency.

Nigeria had in April moved to reduce the unit operating cost of crude oil production to $10 per barrel from next year.

However, the IDSL Boss pointed out that to achieve the target operational cost reduction in 2021, the Nigerian National Petroleum Corporation and other industry players must optimise resources and reduce wastes by transforming the country’s oil and gas industry digitally.

He added that the corporation’s process needed to be streamlined using automation.

Bariwei also said that democratisation of data in the industry would remove bottlenecks in accessing the quality data required by investors and stakeholders to make their investment decisions.

He added that data democratisation would operationalise transparency in decision making process.

SOURCE: TheWhistler