Local oil firms execute $1.6b projects for IoCs
Nigerian companies’ participation in oil and gas contracts has increased by 180 per cent from 15 Nigerian Content Compliance Certificates (NCCCs) worth $396,103,336.38 issued in 2015 to 42 NCCCs valued at $1,645,233,425.59.
The Minister of State for Petroleum, Dr. Ibe Kachikwu, who made this disclosure yesterday at the on-going Nigeria Oil and Gas (NOG) conference in Abuja, said this was only possible due to the success of the country’s local content law.
Kachikwu said daily crude oil production of Nigeria is projected to hit three million mark by 2020.He was however, quick to explain that hitting the target is dependent on getting the required investments flow in and the planned deep-water projects realised to achieve an incremental reserve of at least one billion barrels and half a million barrels in incremental production capacity per day.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, disclosed that daily crude oil production has hit three million, as against 1.5 barrels per day in July 2016, a development he linked to the ongoing negotiations with Niger Delta stakeholders.
The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Mohammed Barkindo, commended Nigeria for exiting the Joint Venture Cash Call debt (JVC).
The Managing Director and Chief Executive of Exploration and Production of Total, Nicolas Terraz, said the company was set to add 200,000 barrels to national production when its well begins production in 2018.
He disclosed: “We are building two gas pipelines to supply the domestic market. We have started supply the power sector gas since October 2016.