The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that the target of the corporation is to make its foremost upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), the number one exploration and production company in Nigeria.
Dr. Baru, who spoke on the sidelines of the 18th Annual General Meeting (AGM) of NPDC in Benin City Wednesday, expressed satisfaction with the performance of the company, saying “it’s encouraging and the company is on a growth path and its processes and procedures fully in line to ensure that it delivers on its mandate set by NNPC.”
He said the NPDC production level was significantly growing and would soon hit the 500,000barrel per day (b/d) target from its current 230,000b/d, which would almost place it at per with the highest producers in the country.
Also speaking at the event, Managing Director of the company, Engr. Yusuf Matashi, commended the GMD and the NNPC management for their support which, he said, had placed the company on the path of steady growth.
He disclosed that the company was establishing an LPG plant with a capacity of 330,000 metric tons per day and upon completion, would supply about 40% of the country’s LPG demand by producing 1,000 trucks per day.
The NPDC is one of the upstream subsidiaries of the NNPC. Established in 1988, the company began its operations from the Oredo field and as of today, is among the top four E&P companies as well as the largest supplier of domestic gas to industries in Nigeria.