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Petroleum Monitoring Committee Crude oil production increased to 2.6 million bpd. Nigeria loses 300,000 barrels of oil daily Archives

Nigeria’s oil production hits 2.6 million bpd

 By Ibanga Isine, Punch; Published: Monday, 22 Mar 2010

Nigeria’s oil production has risen by one million barrels per day since the amnesty programme began, from 1.6 million bpd to 2.6 million bpd, the Presidential Adviser on Petroleum and Energy, Dr. Emmanuel Egbogah, has said. Egbogah, who was speaking on Saturday during a working visit to the Nigeria LNG Limited’s plant in Bonny, Rivers State, said the increased production was a sign that the amnesty was working.

He also said incentives had been provided to check vandalism. He stated, “We also introduced 10 per cent profit from oil revenue to host communities in the Petroleum Industry Bill as an incentive for them to protect oil installations in their area. “The implication here is that any community that is not able to protect these installations losses its own share of this revenue.”

He also advised the Nigerian National Petroleum Corporation to adopt the Nigeria Liquefied Natural Gas Company’s business model.

If NNPC adopted the NLNG’s model in its operations, he said Nigeria would be rich enough to tackle most of its economic challenges. Besides, he said the country would market its gas profitably and create viable businesses that would boost the country’s economic fortunes.

“If NNPC will duplicate NLNG model, Nigeria will be able to profitably market its gas as well as create a viable business that will boost the economic fortunes of the nation,” he said.

Egbogah said he was impressed by the success of NLNG, which has in the past 10 years given Nigeria over $10bn from an initial investment of $2.5bn.

With an impressive facility managed by the best hands, he said the NLNG had made good profit for Nigeria and wished its success could be replicated in other businesses in the country.

The presidential aide said he was satisfied that Nigeria LNG had made immense contribution to the growth of the nation’s economy.

On the persistent shortfall in gas supply to the company, he noted that the successful implementation of the amnesty programme would soon solve the problem.

While leaving the plant, Egbogah wrote on the visitor’s register, “Very impressive facility and the best managed; best profit for the nation. I wish we could replicate the success of NLNG in the rest of Nigerian businesses.”

Earlier, the NLNG’s Managing Director, Dr. Chima Ibeneche, said the company now accounted for seven per cent of Nigeria’s Gross Domestic Product. Ibeneche also said the NLNG had given Nigeria excellent image outside by proving that a Nigerian company could be reliable and could deliver on its promises. He said, “Last time I was in Spain, our gas buyers confessed to me that when they were signing the Sales and Purchase Agreement with us, people were saying they were taking the biggest risk. “Now, it turned out that Nigeria LNG is the customer that has never failed to deliver gas to them according to agreement.”

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