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Crude Oil Production Drops to 2.4mbpd

08 Oct 2012

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Group Managing Director of NNPC, Mr. Andrew Yakubu

Chineme Okafor 
After recording an all time high crude oil production figure of 2.7 million barrels per day (mbpd) late July, Nigeria’s production of crude oil now averages at 2.4 mbpd.

According to a statement from the acting General Manager, Public Affairs of Nigerian National Petroleum Corporation (NNPC), Mr. Fidel Pepple, Sunday in Abuja, the latest production figure was made known by the Group Managing Director of NNPC, Mr. Andrew Yakubu, at a function in Kaduna.

If the trend persists, it may affect the Federal Government’s revenue projection for 2013 for which the nation hopes to spend N4.929 trillion.  

The Federal Government in the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper that President Goodluck Jonathan submitted to the National Assembly in July had hinged revenue projection on the production of 2.53 mbpd of crude oil.

Yakubu said at a reception organised by the state government in honour of some illustrious sons and daughters of the state that the NNPC was also seeking to increase Nigeria's crude oil reserve from its current 37 billion barrels to 40 billion barrels by 2020.

Besides Yakubu, others honoured at the function were the Minister of Environment, Hajiya Hadiza Mailafiya; Justice of the Supreme Court, Hon. Justice Kumai Akaahs; and National Organising Secretary of the Peoples Democratic Party (PDP), Alhaji Abubakar Mustapha.

According to Yakubu, apart from ensuring an increase in the level of Nigeria's proven crude oil reserves, the NNPC is working assiduously towards increasing production from the current figure of 2.4mbpd to a record 4mbpd by 2020.

He said: “As we endeavour to achieve effective transformation of the oil and gas industry in line with the Transformation Agenda of Mr. President, our target is to ensure that we grow our proven crude reserves to 40 billion by 2020 and also increase our production to 4 million barrels per day by 2020."

Yakubu assured Nigerians that the NNPC, alongside its joint venture partners, is strategically focused on power generation via effective alignment with the power supply aspiration of the Federal Government.
He said the NNPC was also working on strategic upgrade of gas infrastructure in Kaduna and other Northern states to help resuscitate the ailing textile industry in that part of the country.

He reassured residents of Kaduna and adjoining states of adequate supply of petroleum products, noting that the Kaduna refinery is currently producing about 4 million litres of petrol per day.

“The Kaduna refinery is one of the best run in the country today. It currently produces 4 million litres of PMS every couple of days and this has helped us to stabilise supply in Kaduna and its environs, especially at this trying period," he said.

He pledged that the plan to ensure complete turnaround maintenance (TAM) and rehabilitation of the nation’s refineries is still on, adding that the lead equipment for the TAM of Port Harcourt Refinery has arrived in the country.

“Once we are done with Port Harcourt Refinery, Kaduna is next in line and from there we move to Warri Refinery," he said.

In appreciation of the honour bestowed on him by the government and people of Kaduna State, he said: “It is re-assuring to know that you are loved back home when embarking on a journey like this."

The reception was attended among others by Vice-President Namadi Sambo, who was the special guest of honour and former Chief Justice of Nigeria, Justice Muhammadu Lawal Uwais, who chaired the occasion.

Sambo commended Yakubu for piloting the NNPC in the right direction, especially given his recent efforts to resuscitate the search for oil in the inland sedimentary basins particularly the Chad Basin, which has recorded some significant breakthroughs.

Tags: Featured, News, Nigeria, NNPC, Crude oil

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