NNPCL Raises Crude Oil Production by 14,000bpd
*Hinges development on presidential directives.
The Nigerian National Petroleum Company Limited, NNPCL, has said that it has commenced the process of increasing the country’s daily crude oil production by 14,000 barrels per day.
The disclosure was made Wednesday by its spokesperson, Olufemi Soneye.
According to him, the additional cude would be sourced from the Akpo West offshore Field.
He further explained that the development is coming on the heel of the directives given by President Bola Ahmed Tinubu.
“In line with President Bola Ahmed Tinubu’s directive to the Nigerian National Petroleum Company Limited (NNPC Ltd) to optimise production from the nation’s oil and gas assets, the company has announced the successful commencement of oil production from the Akpo West Field," he said.
The Akpo West facility, Soneye added, is listed along the Petroleum Mining Lease, PML 2 leveraging on Akpo Floating Production Storage and Offloading, FPSO, facility through cost cutting and greenhouse gas emissions-minimizing subsea tie-back.
The PML 2 facility is operated by TotalEnergies in collaboration with CNOOC. The former holds a 24 percent interest in the joint effort, the latter has 45 percent holdings, with Sapetro controlling 15 percent, Prime 130, 16 percent, while the NNPCL, operates as the concessionaire of the Production Sharing Contract, PSC.
As at September 2023, Nigeria's crude oil producetion capacity stood at 1,346,562 barrels per day bpd. With the additional 14, 000bpd, it's production capacity stands at 1,347,962 bpd.
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