The Nigerian National Petroleum Company Limited, NNPCL, has given kudos to the passage of Petroleum Industrial Act as an enabler that facilitated the  ability of the corporation in clearing the outstanding $3.8 billion joint venture cash-call debts owed to international oil companies, IOCs, operating in the country.

Representing the NNPCL’s Executive Vice President, Upstream, Adokiye Tombomieye at the just concluded fourth edition of the Nigerian Oil and Gas Opportunity Fair, NOGOF, 2023, organised by J Railey on behalf of the Nigerian Content Development and Monitoring Board, NCDMB, in Yenagoa, Bayelsa State, the Chief Upstream Investment Officer, NNPCL, Mr Bala Wunti made the disclosure.

Mr Wunti also dedicated this unprecedented feat with short period of time to the overhauling of security architectural system of the Nigeria pipeline network by all sundry via the award of pipeline surveillance country which led to boost in the country’s crude oil daily production to 1.6 million barrels per day.

“The combination of that gave us the leverage that if we can resolve this issue as we have seen. The inability to attract investment, inability to produce maximally, the consequence of that is we are unable to get our cash call, and we have reversed that and that reversal is what brought where we are as we are doing on the average of 1.6 million barren production, ” Chief Upstream Investment Officer, NNPCL, Mr Bala Wunti disclosed.

He further stated that the present average production is just beginning of this feat as the corporation has placed all necessary facilities to see that the current crude oil production is increased to 1.8 million barren between now and July this year and to 2 million barren.

“1.6 mbod is what we are expected to do the minimum is our survival number which is within our budget number which is 1.8 mbod but currently we have installation that can produced 2mbod and for us to grow we need some new oil and you see some new FID’s we have spoken with all the opportunities as you have heard are all being driven by NNPCL,” Mr Bala posited.

In long time projection of crude oil production, He disclosed the corporation plan to increase its production to 3mbod within the five-year medium frame work starting from 2024.

“In five to seven years horizon we will be able to his up to 3mbod starting from 2024. We have identified projects and we identified activities and what is needed to be done It is in these portfolio of projects are in the FID’s and the activities that are there have started showing signs.” He added.

On the current opportunities lining down the upstream sector, Mr Bala Wunti mentioned Bonga North, Bonga SW, UBETA  e.t.c and these underlined projects FID’s are expected to be out between now and 2023. He further made emphasis on the award of contract on the above mentioned projects which should be exclusive of portfolio contractors and that the corporation will work in synergy with NCDMB to involved in-country capacity in executing these contracts.