The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, who disclosed this, said the nation had maintained a line of consistent year-on-year improvement.
Baru, in an end of year message to staff of the corporation, identified the new business models his team has put in place in the national oil company’s old and new business entitles as reason for the improved production.
The NNPC boss said the Nigerian Petroleum Development Company (NPDC), Nigerian Gas Company (NGC), Petroleum Products Marketing Company (PPMC), Duke Oil, NIDAS and Integrated Data Services Limited (IDSL), were among the re-engineered companies.
Baru singled out NPDC, the corporation’s upstream flagship company, as the major contributor to the Industry’s success story in 2018, expressing enthusiasm on the 52 per cent daily crude oil production growth by the company vis-à-vis its 2017 performance.
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 added that it was worth being celebrated.
He said NPDC’s equity production share which stands at 172,000bod, representing about 8 per cent of national daily production, was no less impressive, saying the desired results are outcomes of initiatives his management team emplaced, among which, he noted, are the Asset Management Tea structure, Strategic Financing, Units Autonomy and security architecture framework.