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Nigeria Oil Production Stabilises At 2mbpd In 2018 – Baru



The Nigerian National Petroleum Corporation (NNPC), has said that the nation’s daily oil production has been sustained at above two million barrels a day in 2018, despite community and other industry challenges.
The corporation also vowed to remain globally competitive to ensure value addition to the nation’s hydrocarbon resources for the benefit of Nigerians and other stakeholders.
NNPC group managing director, Dr. Maikanti Baru, disclosed this recently in Abuja while addressing the corporation’s staff via a mail broadcast to commemorate his two-year anniversary at the helm of affairs of the NNPC.
Baru, who described his two years in the saddle as “exciting”, said ever since he was appointed by President Muhammadu Buhari, he had enjoyed a great level of support from all staff in moving the corporation forward.
“Going forward, our priority will be to remain globally competitive. In pursuing this, we will ensure the gradual transition of NNPC from an integrated oil and gas company to an energy company. We will also review our business models to reflect current operations reality with improved profitability, transparency and accountability as the cornerstone,” Baru told staff in the nine-page address.
He said his administration would ensure improved collaboration with local communities, states, local governments and relevant agencies, improved security and safety of personnel and infrastructure, improved human capital development as well as optimized NNPC’s non-core oil businesses.
The GMD said the 12 Business Focus Areas (12 BUFAs) was designed to succeed, having emplaced aggressive business improvement policies to ensure NNPC’s performance threshold across the oil and gas value chain.
He said NNPC under his watch had initiated and successfully completed milestone deliverables in the Upstream, Midstream, including the refineries and in the Downstream, leading to improved performance and business stability across the corporation’s major operations and entire value chain activities.
He said aside securing approval and signing off the novel financing structure with Schlumberger for the NNPC/First E&P JV which is expected to deliver a peak production of 50kbopd and 120MMscfd by 2019, the corporation had maintained commitment to repayment of cash calls arrears where about $1bn dollars of $5bn indebtedness has been settled.