Nigeria’s oil output hits 2.3mbpd as NNPC attracts $14b investment
Speaking during a courtesy visit by the Nigeria Union of Journalists (NUJ) yesterday in Abuja, NNPC Group Managing Director (GMD), Dr. Maikanti Baru, stated that the current administration was committed to stabilising the oil and gas sector, adding that $13.6 billion worth of investment was attracted into the sector between 2017 and 2019.
His words: “Since we came on board, we have been focused on increasing the production of oil and gas and condensates and at some point, our national combined production was about a million barrel (per day) but at the end of 2018, we had moved on averaging last year about 2.1 million barrels per day.
“As I am speaking this morning (yesterday), our combined oil and condensates are 2.32 million barrels a day.
“I think this stability and ability to push production came as a consequence of several factors – internal and external, and of course, with the support of the media. Internally, the NPDC, our flagship company owned 100 per cent by NNPC, has pushed their equity production from a low figure of 65,000 barrels per day in 2016 to over 166,000 barrels per day.”
According to him, $3.6 billion investment came in 2017, $3 billion in 2018 while discussions are being finalised for over $7 billion worth of investment.
He stated that the investments came on the backdrop of intensified efforts to ensure transparency and accountability in the sector, stating that the corporation had continued to disclose its financial details and run a transparent bid process.
Baru decried the prevalent smuggling of petroleum products into neighbouring countries where prices are far higher, adding that the development was adversely affecting the nation.
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