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Oil: We’ve attained 2.8mbpd – NNPC GMD

The Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC), yesterday disclosed that, Nigeria has attained 2.8 million barrel per day, despite the spate of oil theft ravaging the industry.

Kyari who disclosed this while briefing the chairman and members of the House Committee on Petroleum Resources (Upstream) on the Corporation’s activities, harped on the need for legislations that would assist the Corporation in achieving the set goal of attaining the 3 mbpd by 2023 and its revenue targets.

“It is very true that Nigeria is a very expansive oil and gas province and it is also true that our production targets have not materialised over the years and indeed the national target of 3 million barrel per day and 40 million barrels of reserve have not being attained.

“What I can assure you Mr. Chairman is that we are very focus today, we know this is possible, we are taking steps to realise this before the end of 2023 which is possible.

“A number of interventions are ongoing currently including our elaborate intrusion into the frontier basis…which the chairman is aware that we just announced the oil discovery in the Gongola basin.

“We expect many more to happen including the a number of platform and in some parts of the Benue truban, including Chad basin and Bida basin. All these are possible, we have very good prospects and we know that the possibility of having attaining 40 million reserve is very possible.

“On increasing the production which is very paramount, even if you have the reserve and you don’t produce is of no value. We are taking critical steps and there are part of it that Legislature must come in. As you may be aware Mr. Chairman, since 2007, there is no significant investment decision taken by this industry in our country. And the highest that was done is investment of about $500 million since 2007.

“That means there is something responsible for this, one of them is fiscal clarity. As you are aware, effort to being Petroleum legislation on the table has not materialised and I know today that this Assembly is very determined to ensure that the petroleum legislation is put in place.

“That would address the issue for fiscal stability because investors must be convinced that you are laws will not change, you have a stable fiscal….and they no the basis of their investment and I believe that when we quickly resolve the issue of fiscal legsilation, it will be a might step towards getting our partners to invest in our country,” the NNPC GMD said.

While responding to question on the huge Cash Calls debt portfolio, Mr. Kyari observed that the Corporation has entered into agreement with IOCs in its quest liquidate total sum of $5.1 billion, however failed to disclosed the actual amount liquidated so far.

“So we have entered into agreement which has allowed us particularly in respect of one of our partners to completely pay out all the legacy cash-call. Today we are up to date on all our current liabilities to cash-call,” he told the lawmakers.

Speaking earlier, Chairman, House Committee on Petroleum Resources (Upstream), Hon. Musa Sarkin Adar, who assured the stakeholders of transparency dealings, pledged to work with them with the view to make Nigeria better.

SOURCE: PeoplesDailyNG