Economy

NNPC Eyes 3m bpd oil production by 2023

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Written by Maritime First

…Targets China for seamless partnership***

The Nigerian National Petroleum Corporation (NNPC) has opted for a strategic partnership with China, in a demonstration of strong faith to achieve new investments in the Upstream Petroleum Sector towards realizing 3million barrel per day growth, of the nation’s crude Oil reserves.

The NNPC Group Managing Director, Malam Mele Kyari indicated this when the Executive Vice President of China National Offshore Oil Corporation (CNOOC), Mr Lu Yan Ji, paid him a courtesy visit in Abuja, on Thursday.

Mr Ndu Ughamadu, spokesman for the corporation said in a statement that the partnership would help to achieve three milliion barrels per day oil production target by 2023.

He added that there was need to improve the nation’s revenue profile through new investments in the Petroleum Sector.

He commended CNOOC for its plan to expand its investment in the Nigerian Petroleum Industry and assured it of the corporation’s support.

“To have investment of  16 billion dollars in Nigeria is clearly an indication of your confidence in us.

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“We have a target to grow production to three million barrels per day by 2023, to do that, we need partners like you. You can count on us because we have common interest, ” he said

In his remarks, Lu said Nigeria was one of his company’s largest investment destination with investment outlay standing at about 16 billion dollars.

He called for NNPC’s support in securing the investments, adding that there was need for both National Oil Corporations to work closely together.

He disclosed that CNOOC currently produces 800,000bpd worldwide with a target to hit 1.2 million barrels per day, adding that Nigeria was one of the targeted places to actualize the target.

CNOOC started business in Nigeria in 2005.

It currently has interest in Oil Mining Lease (OML) 130 in partnership with NNPC, Total and Petrobras.

 

 

 

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