The Nigerian National Petroleum Corporation said it was set to increase output of the Nigeria Petroleum Development company from 170,000 to about 250,000 barrels per day by 2020.
The Group Managing Director of the NNPC, Andrew Yakubu, stated this on Friday in Uyo, the Akwa Ibom State capital, in a key note address at a Capacity Building Workshop for Energy Correspondents.
NPDC is the NNPC’s flagship exploration and production subsidiary.
Yakubu said: “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.”
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.
Yakubu noted that Nigeria had reduced the flaring of natural gas in mining concessions from 30 per cent to 10 per cent, which had given rise to addition of value in the gas sub-sector.
According to him, domestic gas consumption has risen from 300,000 standard cubic feet, to over 1.5 billion, thereby contributing immensely to the development of the national economy.
The GMD said the corporation had embarked on infrastructure development to aid the growth of the economy.
According to him, more than 200 manufacturing firms in Nigeria have hooked to gas as the source of energy to produce goods and services.
The Group General Manager, Group Public Affairs Division of the NNPC, Ohi Alegbe, said the objective of the workshop was to educate media professionals on the techniques of reporting the sector.
Alegbe commended the media for supporting NNPC and the oil and gas sector as a whole, considering its importance in the development of the nation’s economy.