By Ediri Ejoh
THE Nigerian Petroleum Development Company Limited, NPDC, a subsidiary of Nigerian National Petroleum Corporation, NNPC, weekend, said it was set to grow its asset portfolios from current three billion barrels to five billion barrels in the next five years.
This is even as the company reiterated its commitment to grow equity production from current 180,000 bpd production to over 500,000 bpd by 2020.
NPDC is one of the upstream subsidiaries of NNPC established in 1988 to engage in the business of oil and gas exploration and production within and outside the country.
Speaking at the official commissioning of Accrete Petroleum head office in Lagos, NPDC’s Managing Director, Mr. Yusuf Matashi, said despite challenges confronting the oil sector, it was ready to boost production capacity and ensure deliberate innovative solutions to the company.
He said: “For us in NPDC, we have set our target higher than what we have. By 2020, we are set to quickly draw the company’s production to 500,000 bpd from the current 150,000 and 180,000 bpd equity production. This representing 190,000 barrels per day improvement.
“As the first born of Nigerian content in Nigeria, we have all the assets to achieve this increment in our total reserve.
“We are confidence that we can quickly grow our assets portfolio to noting less than five billion in the next five years against the current portfolio of three billion. For us in NPDC, targets are sacrosanct, as we operate more than 10 producing assets.”