ABN - The Nigerian National Petroleum Corporation (NNPC) has vowed to increase the Nigerian Petroleum Development Company’s (NPDC) crude oil production to 500,000 barrels per day by 2020.
The national oil sector represents a huge proportion of the Nigerian economy, which has suffered over the last year as a result of sustained depressed oil prices.
However, this latest commitment by the NNPC to increase production could provide a welcome boost to the OPEC member, who has been exempted from the recent agreement to limit production levels.
Maikanti Baru, the managing director of the NNPC, also announced that the NPDC will grow its natural gas production by 150 million cubic square feet per day over the same time period, in a recent keynote address titled “NNPS’s Commercial Strategy and Priorities” in Abuja.
“Beyond growing gas for the power sector, there has been a strategic positioning of the sector to support massive gas-based industrialisation,” said Baru.
“We will incubate and midwife a portfolio of critical and mutually dependent investments (central Processing Facilities, fertiliser, petrochemical, free trade zone, infrastructure and ports) which will jumpstart the gas revolution agenda.”