NNPC, ExxonMobil Target Increased Crude Oil, Gas Production

NNPCThe Nigerian National Petroleum Corporation (NNPC) Tower
  • NNPC, ExxonMobil Target Increased Crude Oil, Gas Production

The Nigerian National Petroleum Corporation and its upstream joint venture partner, ExxonMobil, are seeking new measures to expand existing operational portfolio with a view to increasing crude oil production and availability of gas for power generation.

The Group Managing Director, NNPC, Dr. Maikanti Baru, said this in Abuja after a meeting with a high-powered ExxonMobil delegation led by the Senior Vice President, Mr. Jack Williams, according to a statement issued by the Group General Manager, Public Affairs, NNPC, Mr. Ndu Ughamadu.

Baru said the joint venture with ExxonMobil, which until recently was the highest producer of crude oil in the country, was primed to make a rebound.

He said the corporation had advanced talks with ExxonMobil on major operational issues like improved drilling to increase production and refurbishment of crude oil pipelines, as well as supply of gas to the planned Qua Iboe Independent Power Plant, among others.

The NNPC boss noted, “More importantly, we also discussed their recommitment to supply gas to the domestic market, and this is something that is very positive and they are willing.

“We will quickly roll out the programme to ensure that sufficient gas comes in for the IPP. We also secured a commitment from them to end gas flaring at the QIT and other production areas.”

Describing the meeting as very fruitful, Williams on his part noted that ExxonMobil was committed to growing its production in Nigeria safely and with much integrity.

To underscore its aspiration for growth in production, Williams hinted that ExxonMobil was set to increase its JV budget for 2018 operations.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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