The Nigerian National Petroleum Company Limited (NNPCL) and its joint venture partners have announced plans to add approximately 192,000 barrels of crude oil per day to Nigeria’s oil production. This increase is expected to occur between the third quarter of this year and the first quarter of 2024, with the crude oil volumes coming from various Oil Mining Licences (OMLs).
During the Nigeria Oil and Gas International Conference in Abuja, the Executive Vice President, Upstream, NNPCL, Adokiye Tombomieye, represented by Igandan Olanrewaju, emphasized that the oil firm has resumed crude oil production activities in previously challenged areas such as OML 29, OML 18, and OML 24. He stated that these wells would contribute to the growth of Nigeria’s oil earnings.
Tombomieye further elaborated on the production plans, stating, “We expect to ramp up to about 80,000 barrels around that axis with our JV partners in Q3 2023. The first oil to tanks of about 25,000 barrels was achieved in NEPL, which is a former NPDC, in Itakpe field, and we expect to fully monetize that by the end of Q3, 2023. For Obodo field in OML 1, it is expected to bring about 20,000 barrels in late Q4, 2023.”
He also highlighted the anticipated contributions from other oil fields, stating that oil field development in OMLs 71 and 72 could potentially add about 20,000 to 30,000 barrels to national production by late Q3, 2023. Additionally, there are plans for the First E&P OML 85 field to add approximately 20,000 barrels by Q1 2024. Deep-water projects, such as Apo turnaround maintenance and the hooking up of two injector wells in OML 130, are expected to bring additional barrels to the production, including 10,000 barrels and 7,000 barrels from the Bonga wells, respectively.
Tombomieye emphasized the importance of a conducive investment climate to realize the full potential of these projects. He also highlighted the need for enhanced security, as it remains a significant barrier to the realization of the upstream sector’s vision. He mentioned that NNPC, in collaboration with stakeholders, has developed a new security architecture for the entire industry, which has led to an upward trend in production.
With these production expansion plans and the implementation of improved security measures, the NNPC and its joint venture partners aim to boost Nigeria’s oil production and contribute to the country’s economic growth.
