The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) is aiming for an oil manufacturing of no less than 2.1 million barrels a day (MMbd) for 2025, its chief govt advised the senate.
Nigeria at the moment has 32 rigs, doubled from 2021, NUPRC Chief Govt Engr Gbenga Komolafe stated earlier than the Senate Committee on Appropriation when presenting the NUPRC’s achievements since its formation in 2021, in keeping with a press launch by the Fee.
On November 14, 2024, Nigerian Nationwide Petroleum Co. Ltd. (NNPC) stated Nigeria’s hydrocarbon manufacturing ramped as much as 1.8 MMbd of oil and seven.4 billion cubic toes per day of fuel, with the potential of crude manufacturing growing to 2 MMbd by the tip of 2024. The extent grew from 1.43 MMbd final June, in keeping with NNPC. The nationwide oil and fuel firm put on-line a number of upstream initiatives final yr.
It stated Might 12, 2024, it had began manufacturing at Oil Mining Lease (OML) 13 within the Niger Delta. OML 13 began up at a fee of 6,000 barrels of oil per day (bopd), anticipated to extend to 40,000 bopd earlier than the tip of Might.
NNPC earlier stated it had put on-line the Madu discipline and restarted manufacturing within the Awoba discipline, including a mixed 32,000 bpd to Nigeria’s output capability. Each are additionally within the Niger Delta.
Madu is anticipated to common 20,000 bpd, NNPC stated in a information launch April 19, 2024. In the meantime, Awoba restarted manufacturing at an preliminary fee of 8,000 bpd, anticipated to scale as much as as a lot as 12,000 bpd inside just a few weeks, NNPC stated April 23, 2024.
On September 9, 2024, NNPC stated its three way partnership with Chevron Corp. is focusing on to succeed in manufacturing of 165,000 bopd by the tip of 2024 after changing their licenses below the phrases of the Petroleum Business Act (PIA). NNPC and Chevron’s native arm Chevron Nigeria Ltd. anticipate the conversion to “considerably enhance crude oil manufacturing”, NNPC stated then.
Nigeria, although, has seen an onshore exodus. Power majors Eni SpA, Equinor ASA, Exxon Mobil Corp., Shell PLC and TotalEnergies SE divested or are within the strategy of finishing divestments.
On December 6, 2024, Norway’s majority state-owned Equinor introduced it had exited Nigeria altogether after the completion of a $1.2 billion divestment that included its 20.21 p.c stake within the Agbami oil discipline. The world’s greatest oil discovery in 1998, Agbami holds an estimated 900 million barrels of potential recoverable volumes, in keeping with on-line info from operator Chevron Corp.
TotalEnergies in the meantime introduced July 17, 2024, it was promoting its 10 p.c stake within the Niger delta-focused SPDC Joint Enterprise. Shell stated January 16, 2024, it was exiting the three way partnership by promoting the subsidiary that operates the JV however has didn’t win regulatory clearance to shut the transaction. On November 3, 2024, Monetary Instances reported the British firm continued to have interaction with Nigerian authorities.
Eni stated August 22, 2024, it had accomplished the sale of Nigerian Agip Oil Co. Ltd. (NAOC). Nonetheless, the Italian state-controlled firm has determined to retain NAOC’s 5 p.c stake within the SPDC JV.
Seplat Power PLC introduced December 12, 2024, it had accomplished the acquisition of Mobil Producing Nigeria Limitless from ExxonMobil.
This June, the NUPRC is scheduled to award new licenses below the licensing spherical launched Might 2024.
To contact the creator, electronic mail jov.onsat@rigzone.com