The Nigerian National Petroleum Corporation (NNPC) Group Managing Director (GMD), Dr. Maikanti Baru on Tuesday that crude oil production was 1.8 million barrel per day without condensate and 2.5million per day with condensate.
He dropped the hint to reporters after chairing the opening ceremony of the 2018-2019 crude oil term contract in Abuja.
He had opened 254 bids from indigenous and international companies jostling to lift the Nigerianโs crude in the 2018/2019 term contract.
According to him, the winners will have to lift 14 cargoes of crude in the term of one year.
He explained that โthe crude oil term contract is not a procurement contract but a process of selecting partners for the sale and procurement of NNPC equity crude oil volumes.โ
Asked when and how many winners would emerge, the NNPC boss said that the evaluation of the bids would take about four weeks and thereafter there will be the request for approval.
He, however, said that he did not know how many winners that would emerge from the exercise stressing that โIt depends on how good the submissions are.โ
โAfter evaluation which will take about three to four weeks, we will get the consent. Once we get the approval we will conclude it.
โI wouldnโt know how many will emerge. It depends on how good the submissions are.โ
Baru explained that NNPC was taking steps to evaluate the submission in order to ascertain the credibility of the companies and their directors.
According to him, the corporation wouldnโt want its crude to enter questionable hands.
The NNPC helmsman said that contrary to the perception that the United States of America has exited completely from the importation of Nigerian crude owing to its own Shale oil, the US last year imported 16.5% of the nationโs crude.
His words: โContrary to peopleโs perception that because of the Shale oil has taken off most of the markets of Nigerian crude.
โThat is the perception we have as about two years ago we had very low export to particularly to the US. But last year we had up to 16.5% of our crude going to North America.โ
The Group General Manager, Crude Oil Marketing Division, Mr. Mele Kyari in his presentation said that Europe still remains the highest importer of Nigerian crude, while Asia and the Pacific were next to them.
He rolled out requirements for qualifying the would be lifters, who have 30 days credit period. The companies, he said, must have a credit network of $250million and $500million turn over.
On crude production, Baru said that โAs at today Tuesday, crude production without condensate we have gone up significantly today. We have about 1.8million barrels per day without condensate. If we add condensate we have made about 2.25million barrels per day. It is a significant improvement.โ
According to him, the Escravos gas pipeline that there was fire on Thursday last week, had come back on stream leading to a generation 3.100mw.
He dropped the hint that NNPC was partnering with key stakeholders to improve the overall security of oil production sites, crude oil export lines and other critical oil and gas infrastructure.
