Oil production to hit 250,000 bpd by 2020, says NNPC

The Nigerian National Petroleum Corporation (NNPC),  said it was set to increase output of Nigeria Petroleum Development company (NPDC), from 170, 000 to about 250,000 barrels per day (bpd) by 2020.

The Group Managing Director of NNPC, Mr Andrew Yakubu, stated this on Friday in Uyo in a key note address at a Capacity Building Workshop for Energy Correspondents.

NPDC is the NNPC’s flagship exploration and production subsidiary.

“As of today, NPDC is proudly the fifth largest producer of crude oil as well as the leading gas supplier in the country.

“The focus is to grow NPDC to a medium sized exploration and production company with capacity to produce over 250,000 bpd by the year 2020,” he said.

Yakubu said the current national oil production output was 2.5 million bpd, in spite of various constraints such as crude oil theft and pipeline vandalism faced by the oil producing firms in the Niger Delta.

He revealed that the feat was achieved through the development of existing oil wells and drilling of new ones within NPDC areas of authority, as well as the oil blocks acquired from Shell Nigeria via divestment.