The Nigerian National Petroleum Corporation (NNPC) said recently that the nation’s current crude oil production had gone up to 2.35 million barrels per day.
The Group Managing Director (GMD), Dr. Maikanti Baru said this at the inauguration of the members of the corporation’s re-constituted anti corruption committee in Abuja.
He said : “In the upstream, we have also been making strides in the stability and security in the Niger-Delta and production is coming back steadily.
“At one point, we have reached the level of almost 2.35 million barrels per day, including condensates, which accounts for about 400,000 barrels per day.”
“I want to thank each member of staff and our clients involved in the supplies of petroleum products and other services in the country, for sustaining the supply of petroleum products across the country; the status quo has been restored.
“We are in the period of ease, it is not too long ago in December, January and February, when NNPC was a sole importer of petroleum products in this country with the challenges associated with distribution and the caped price of N145 to a liter of petrol.
“ We got some ease when the international price went down and the importers decided to come back to import because they can make some margin; they have raised the importation level to about 30 per.“
“As you are aware, we have committed to exiting the cash calls process and government has been very supportive and they have given us all approval and endorsement in that direction, particularly the economic council and the entire three tiers of government have endorsed this project, and we have started the implementation.“
“In our joint venture project with Chevron, we have attracted an over subscribed 1.2 billion dollars Foreign Direct Investment.
“The E and P joint venture with NNPC attracted 800 million dollars foreign direct investment which was signed up in May.
“Last week in London, the NNPC, Shell Agip and Total joint venture attracted over 1 billion dollars foreign direct investment.
“ The Chevron, NNPC Joint venture project is 780 million dollars worth of investments.“
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