After Exporting Nigeria’s Newest Crude Oil, NNPC Announces Fresh Milestone
- The Nigerian National Petroleum Company Limited (NNPC) said it has achieved a significant milestone in oil production
- The company said the Abigail Joseph FPSO station vessel has produced 60,000 barrels of crude oil
- The minister of state for petroleum resources (oil), Heineken Lopkpobiri, disclosed this recently
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian National Petroleum Company Limited (NNPC) has announced that its Abigail Joseph Floating Production, Storage, and Offloading (FPSO) vessel has produced 60,000 barrels of crude oil daily.
The minister of state for petroleum (Oil), Heineken Lokpobiri, disclosed that Nigeria’s commitment to boosting oil production is progressing tremendously.
Source: Getty Images
FG to achieve two million barrels of crude oil
He said the stride is due to a solid partnership between the NNPC and its local partners, stressing that the recent production was commendable.
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By December, Lokpobiri said the government is committed to ensuring the country hits at least two million barrels daily.
He said:
“The ultimate target is to see how we can get 2.5 million barrels, 3 million barrels by the end of 2025."
According to a BusinessDay report, Lokpobiri said Nigeria can increase production by ensuring a sustainable drilling campaign.
Nigeria reports decline in crude oil reserves
A recent report by Legit.ng revealed that Nigeria’s crude oil reserves are declining.
The Nigerian Upstream Petroleum Regulatory Authority (NUPRC) said Nigeria’s oil reserves declined by 50 billion barrels in 14 years.
The NUPRC said oil reserves declined from 38 billion barrels to 37.50 billion between 2008 and 2023.
NUPRC reveals reasons for the decline
The authority blamed the decline on the drought of exploration activities caused by a lack of investment by exploration and production firms.
It stated that oil firms’ lack of investment could be caused by the delay in passing the Petroleum Industry Bill (PIB) and other factors such as COVID-19.
The development also led to job losses by geographical and geological service firms.
The NUPRC disclosed this in a recent publication, stating that exploration activities picked up gradually from the fourth quarter of 2021 due to the passage of the Petroleum Industry Act (PIA).
NNPC begins sale of Utapate crude oil blend
Legit.ng earlier reported the NNPCL has commenced international sales of its latest crude oil grade, the Utapate crude oil blend.
According to a statement by Olufemi Soneye, NNPCL’s chief corporate communications officer, the new grade was unveiled to European crude oil marketers at the ongoing Argus European Crude Conference in London.
The development comes six months after exploration began at the Utapate field in Akwa Ibom state.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
