Stats: 3,191,284 members, 7,943,638 topics. Date: Sunday, 08 September 2024 at 08:19 PM |
Nairaland Forum / Nairaland / General / Politics / Oil Output Hits 2.09m Barrels (6032 Views)
Nigeria's Economy Grows Steadily As Oil Output Rises - Reuters / Nigeria’s Oil Output Drops To 972,394 Bpd / Nigeria To Consider Reducing Oil Output For Higher Prices – Buhari (2) (3) (4)
Oil Output Hits 2.09m Barrels by Mrakeli: 4:55am On Jan 02, 2019 |
Nigeria’s crude oil daily production is up by 9 per cent to about 2.09 million barrels. Nigerian National Petroleum Corporation (NNPC) Group Managing Director Dr. Maikanti Baru said this maintained a line of consistent year-on-year improvement. Dr. Baru, in a comprehensive end-of-year-message to the NNPC staff, listed Nigerian Petroleum Development Company (NPDC), Nigerian Gas Company (NGC), Petroleum Products Marketing Company (PPMC), Duke Oil, NIDAS and Integrated Data Services Limited (IDSL) among the re-engineered companies. In the statement signed by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, Baru singled out NPDC, the corporation’s Upstream flagship company, as the major contributor to the industry’s success in 2018. Baru said the average production from NPDC’s operated assets alone grew from an average of 108,000 of oil per day (bod) in 2017 to 165,000bod in 2018, describing the feat as the strongest production growth within the oil industry in recent times, even as he noted that it was worth being celebrated. The GMD said NPDC’s equity production share, which stands at 172,000bod, representing about 8 per cent of national daily production, was no less impressive, adding that the desired results are outcomes of initiatives his Management team emplaced, among which, he noted, are the Asset Management Tea (AMT) structure, Strategic Financing, Units Autonomy and security architecture framework. Of the Industry milestones in the outgone year, Baru described the 200,000bop addition which the Egina Floating Production Storage and Offloading (FPSO), completed and sailed away to location in August, last year, added to nation’s daily production, even as he disclosed that the project achieved First Oil at 11.20pm on 29th December, 2018. The NNPC GMD said $1.7billion was saved with corporation’s Joint Venture (JV) partners over a five-year tenor repayment plan, saying already the corporation has defrayed $1.5billion of the arrears. Baru promised that NNPC would stick to the Repayment Agreement with the JV Partners while transiting to self-funding IJV modes with the corporation’s partners. He said tiding up Cash Call issues had led to increased commitment and enthusiasm to invest in the industry even as it has also boosted NNPC’s credit profile internationally. Baru concluded the achievements of NNPC in the Upstream sector by listing other milestones achieved by his team to include: reduction in contracting cycle for Upstream Operations to nine months from an average of 24, even as the corporation targets a six months cycle; lowering of production cost from $27/barrel to $22/barrel; and improving on the security situation in the Niger Delta through constructive engagement and dialogue with stakeholders. In the frontier basins, NNPC has intensified exploration in the Benue Trough, with the expected spudding of Kolmani River Well 2 on 19thJanuary. Activities will resume in the Chad Basin as soon as there is a greenlight on the security situation in the enclave. In the Midstream, the NNPC GMD stated, Nigeria achieved an average national daily gas production of 7.90bscf, translating to 3 per cent above the 2017 average daily gas production of 7.67bscf. He said of the 7.90bscf produced in 2018, an average of 3.32bscfd (42%) was supplied to the export market, 2.5bscfd (32%) for Reinjection/Fuel Gas, 1.3bscfd (16%) was supplied to the domestic market and about 783mmscfd (10%) was flared. The GMD stated that out of the 1.3bscfd supplied to the domestic market, an average of 71mmscfd went to the Power Sector; 470mmscfd was supplied to the Industries and the balance of 69mmscf delivered to the West African Market through the West African Gas Pipeline (WAGP). Baru said NNPC would bridge the medium-term domestic gas supply deficit by 2020 through the corporation’s Seven Critical Gas Development Projects (&CGDPS), adding that a reputable Project Management consulting firm is collaborating with an NNPC team to achieve accelerated implementation of the projects. He lauded the contribution of the corporation’s Downstream outfit, NNPC retail, saying it played a significant role in ensuring continuous supply of petroleum products to Nigerians through its Mega, Affiliates and Leased stations. Baru flaunted the company’s sale of 1.2 billion litres of petroleum products in 2018 as against 1.1 billion litres in 2017, representing a seven per cent increase. He said the feat was achieved through an addition of 40 new Affiliate and Leased stations, which he said, brought the company’s network to 618 stations nationwide. “We are currently planning for a better performance and achievement in 2019, especially with the continuous innovations and creativity in the downstream sector and the performance bond signed by all the relevant heads of our operating units. “Continuous improvement as one of the principles of world class organisations is going to remain our key word in 2019. Last year was empirically better than 2017, we believe, plan and strive to achieve a better performance this year, by God’s grace,” Baru concluded in his end-of-year statement. https://www.akelicious.net/2019/01/oil-output-hits-209m-barrels.html 2 Likes 1 Share
|
Re: Oil Output Hits 2.09m Barrels by SPOILT9JAOLOSHO(m): 5:12am On Jan 02, 2019 |
In this Buhari era it is impossible. I expected 100 thousand barrels only Good morning sweetie's wishing u all a prosperous new year and a blissful week 2 Likes |
Re: Oil Output Hits 2.09m Barrels by yomi96(m): 5:12am On Jan 02, 2019 |
Good one,only if its benefits can be felt by the common man. If not, then they are just stats. Happy New Year guys, 10 Likes |
Re: Oil Output Hits 2.09m Barrels by mustmust(m): 5:13am On Jan 02, 2019 |
Yet budget performance is below 15% . which one person go believe sef 5 Likes 2 Shares |
Re: Oil Output Hits 2.09m Barrels by MoxxxxO123(m): 5:14am On Jan 02, 2019 |
Very strange |
Re: Oil Output Hits 2.09m Barrels by helinues: 5:14am On Jan 02, 2019 |
Good one 5 Likes 1 Share |
Re: Oil Output Hits 2.09m Barrels by BUSHHUNTER: 5:16am On Jan 02, 2019 |
The dude below me has something to say... 1 Like |
Re: Oil Output Hits 2.09m Barrels by DonFreshmoney(m): 5:17am On Jan 02, 2019 |
Increase in oil output only benefits the canals and nothing else. How does this concern the ordinary Nigerians in the street? They should better reduce fuel prices or its a useless news. 11 Likes 1 Share |
Re: Oil Output Hits 2.09m Barrels by nastyesco(m): 5:18am On Jan 02, 2019 |
So much for diversifying the economy, anyway new year FTC...e b like na my Year to blow |
Re: Oil Output Hits 2.09m Barrels by Nobody: 5:33am On Jan 02, 2019 |
EGINA FIRST OIL CONFIRMED...... +200,000bopd God Bless TEPNG God Bless SAI BABA 4+4 God Bless the Federal Republic of Nigeria And God bless all Patriotic Nigerians that are happy to hear/believe such good news 4+4 = Ne×t Le✔el EGINA FLARE BURNING BRIGHT 15 Likes 2 Shares
|
Re: Oil Output Hits 2.09m Barrels by Nobody: 5:36am On Jan 02, 2019 |
DonFreshmoney: News like this are always useless to bitter/shallow minds 12 Likes 1 Share |
Re: Oil Output Hits 2.09m Barrels by michlins(m): 5:38am On Jan 02, 2019 |
couragemurphy:dem still dey flare gas? I hope that with improved revenue, the federal government will stop mortgaging the future of Nigeria by borrowing 6 Likes |
Re: Oil Output Hits 2.09m Barrels by Teacher1776(m): 5:39am On Jan 02, 2019 |
Scam of a government. Despite these increase in production, government is still borrowing trillions with nothing to show for it. Buhari government is making more money, yet Nigeria id world capital of poverty. Unemployment is increasing at a geometric progression. WHERE IS THE MONEY? 2 Likes 1 Share |
Re: Oil Output Hits 2.09m Barrels by SamuelAnyawu(m): 5:39am On Jan 02, 2019 |
Even if it goes up to 4million barrel daily the Incompetent President has no clue on how to improve our Economy. Next News Please 7 Likes 2 Shares |
Re: Oil Output Hits 2.09m Barrels by NwaliE01: 5:45am On Jan 02, 2019 |
The problem is not the hit target but utilizing the proceeds for national development. 4 Likes |
Re: Oil Output Hits 2.09m Barrels by Nobody: 5:45am On Jan 02, 2019 |
michlins: Flaring in Nigeria is still very common. resources / revenue being wasted, and the environment continuously polluted. The main problem is our Government and her poor regulations regarding flaring. the fine for flaring is so cheap that oil companies prefer to pay the fines upfront than investing money to build plants for gas processing/utilization. 11 Likes 2 Shares |
Re: Oil Output Hits 2.09m Barrels by Nobody: 5:46am On Jan 02, 2019 |
michlins: There is always flare everywhere in the world in any oil processing platform. That compulsory flare is called safety flare. The flare that is wrong is what is called routine flare. Which is the additional gas above safety flare that is flared continuously. So the flare u see in Egina FPSO is safety Flare. 2 Likes |
Re: Oil Output Hits 2.09m Barrels by MANNABBQGRILLS: 5:46am On Jan 02, 2019 |
SamuelAnyawu:Better watch it before Hatred kills you! You and your ilks! To the wailing zombies that dont like reading any good news about their country... You wake up every morning and rush to social media in search of bad news of this nation, so that you will comment and share it among your friends....... but when you see the good news ,you pretend to be blind. And every night you stay in one corner of your room praying to God to bless anything you lay your hands on in the same country Hmmmm!!! May God forgive and have mercy on you. #May OUR President Succeed #When Nigeria become great , you will surely see this, but.......... 8 Likes 2 Shares |
Re: Oil Output Hits 2.09m Barrels by netpro(m): 5:46am On Jan 02, 2019 |
Nigeria will keep moving forward under the able leadership of President Buhari. Few weeks ago, some were running their mouths that Buhari's budget was unrealistic due to production volume. We will not allow the criminals we chased away to return and steal everything unabated again. 6 Likes 1 Share |
Re: Oil Output Hits 2.09m Barrels by NwaliE01: 5:46am On Jan 02, 2019 |
couragemurphy: Superb. On point brother! 6 Likes |
Re: Oil Output Hits 2.09m Barrels by MANNABBQGRILLS: 5:47am On Jan 02, 2019 |
GOD BLESS OUR PRESIDENT MUHAMMADU BUHARI. This is one of the many changes we arw seeing in this administration. This is what we voted for. Straight to the NEXT LEVEL we go, a land flowing with milk and honey. 7 Likes 2 Shares |
Re: Oil Output Hits 2.09m Barrels by Sweetcollins: 5:47am On Jan 02, 2019 |
Jesuu |
Re: Oil Output Hits 2.09m Barrels by MANNABBQGRILLS: 5:48am On Jan 02, 2019 |
We are in the RIGHT track to a good country.......... 1 Like 1 Share |
Re: Oil Output Hits 2.09m Barrels by Nobody: 5:50am On Jan 02, 2019 |
post=74367651: Dont mind them, enemies of the State. If it were one bad news of boko haram and co, they will be masturbating inside the thread. I wonder what kind of person/human will be deriving joy to hear evil news about his own country? Hatred and bitterness kill faster than CANCER. 3 Likes 2 Shares |
Re: Oil Output Hits 2.09m Barrels by netpro(m): 5:51am On Jan 02, 2019 |
Soon PDP will unleash their sponsored militants to undermine Nigeria's economic growth. 2 Likes 1 Share |
Re: Oil Output Hits 2.09m Barrels by shachris02: 5:51am On Jan 02, 2019 |
which idiot put 2.2m daily production as an assumption in the budget? ![]() So we are just hitting 2m barrels now and we need a sustained production of 2.2m everyday in order to sustain this year's budget. Buhari is just clueless Sha. 2 Likes |
Re: Oil Output Hits 2.09m Barrels by MANNABBQGRILLS: 5:52am On Jan 02, 2019 |
couragemurphy:They are just irredeemable. Children of hate and perdition they all are. 2 Likes 2 Shares |
Re: Oil Output Hits 2.09m Barrels by Nobody: 5:52am On Jan 02, 2019 |
netpro: NEVER AGAIN WILL PDThieves NEAR ASO ROCK 1 Like |
Re: Oil Output Hits 2.09m Barrels by Aystarz: 5:53am On Jan 02, 2019 |
couragemurphy: Actually, news like this are useful to garrulous zombies who believe all they are told because that's what zombies do. 2 Likes 1 Share |
Re: Oil Output Hits 2.09m Barrels by michlins(m): 5:53am On Jan 02, 2019 |
life2017:I would love to meet people like you this new year. See as you kindly explained this to me Thanks for your time and understanding |
Re: Oil Output Hits 2.09m Barrels by shachris02: 5:54am On Jan 02, 2019 |
couragemurphy: Shut it. This is an average production rate during PDPS tenure.
|
Meet The Only Surviving Sister Of Nnamdi Kanu’s Father (photos) / CJN Okays 300 Judges For Election Cases / Tinubu Flogged Obi In Bayelsa State
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 39 |