Good News as NNPC, Company Resumes Oil Production After Shutting Down for 2 years
- The NNPC and Newcross Exploration and Production Ltd have restarted production at the Awoba unit field
- The field last contributed production to the Bonny Terminal in 2021 and was finally shut down in February 2022
- Mele Kyari, GCEO of NNPC Ltd, commented on the development and credited President Tinubu's administration
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Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Production at the Awoba unit field in Port Harcourt, Rivers state, has resumed, thanks to the collaborative efforts of the Nigerian National Petroleum Company (NNPC) and Newcross Exploration and Production Ltd.
Source: UGC
The field was shut down in February 2022 due to concerns about evacuation and crude oil theft, according to a statement released by NNPC on Tuesday.
The field last supplied output to the Bonny Terminal in 2021.
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NNPC stated:
“Since the restart of the Awoba field by NNPC Ltd and it partners on April 13, 2024; production from the field has averaged 8,000 barrels per day and is expected to plateau at 12,000 per day at full ramp up within 30 days.”
“Awoba is also expected to significantly boost gas supply to the power sector and other gas-based industries.
More about Awoba
Situated in the mangrove swamp south of Port Harcourt, Rivers State, the Awoba Unit crosses OMLs 18 and 24. The management of the OML 18 and OML 24 assets is handled by NNPC Upstream Investment Management Services (NUIMS).
According to NNPC in a TheCable report, the JV portfolio has seen a number of production triumphs that have greatly increased national output.
It also stated that in addition to the NNPC Ltd/First E&P JV's recent start of production at the Madu Field, the business was able to begin production at OMLs 29 and 18 in late 2023, and since then, they have consistently added an average of 60,000 bpd to the country's production output.
Mele Kyari, the group chief executive officer (GCEO) of NNPC Ltd., commented on the development and credited President Bola Tinubu's administration for the success.
Kyari claims that the administration of Tinubu has created an atmosphere that promotes business success.
He conveyed gratitude to all parties involved in making the accomplishment possible, including the employees, operators, host communities, governmental security agencies, and private security contractors.
NNPC explains why it borrowed N3.3bn
The NNPC has explained the controversial $3.3 billion crude oil pre-payment loan it signed with the African Export-Import Bank (Afreximbank) in 2023, Legit.ng reported.
Femi Soneye, the chief corporate communications officer of NNPCL, disclosed this in an interview with journalists.
He said the 'Project Gazelle' deal was ultimately geared to provide dollar financing to the federal government.
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Source: Legit.ng
