NNPC set to grow revenue generation

The Nigerian National Petroleum Corporation (NNPC) says it will grow the nation’s revenue with the flag off of marine seismic data acquisition in Oil Mining Leases 83 and 85 in the Niger Delta.

A statement by its group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu in Abuja on Sunday said the flag off was a sign of commitment to growing the nation’s crude oil reserves and increasing daily national production.

This, it said would help in boosting the nation’s revenue generation.

According to the statement, the Group Managing Director of the Corporation, Dr. Maikanti Baru said the project will bring about development in the sector adding that the partners have been given a 74-day time schedule to deliver on the project.

He said the project would boost NNPC’s drive towards enhancing the nation’s abundant hydrocarbon deposits.

He added that the project would also reinforce the Federal Government’s commitment to further harness Nigeria’s numerous resources to enhance income streams and ultimately boost the nation’s economic prosperity.

“Without doubt, this development resonates perfectly with NNPC’s commitment to growing the nation’s reserves and increase production, as enshrined in our corporate vision of 12 Business Focus Areas (12 BUFA),” he added.

He further gave the assurance of the NNPC Management’s “unflinching support” for the project, charged the partners to ensure its completion on schedule and in a cost-effective manner.

Baru called for strict adherence to Health, Safety & Environment (HSE) standards.

Commenting, Managing Director of First E&P, Dr. Ademola Adeyemi-Bero said the aim of the project was not only to grow the nation’s reserves, but also to develop the capacity of Nigerians.

He commended the GMD for making time to perform the flag-off rites, stressing that his company would work hand-in-hand with all the partners to enable them complete the project ahead of schedule.

The Chairman of Petroleum Technology Association of Nigeria (PETAN), Mr. Bank-Anthony Okoroafor reiterated that the project would boost in-country capacity.

“The project is also expected to align with the Federal Government’s effort to drive down the cost of marine seismic acquisition in the country,” Okoroafor added.

Also, the Managing Director of IDSL, Engr. Diepiriye Tariah said the IDSL/BGP JV would acquire 3D marine seismic data using streamer cables, covering a total of 901sq. km.

He added that the marine vessel (BGP Prospector) is well-suited for broadband seismic data acquisition with the capacity to tow ten or more streamers of 6km length, and is fitted with adequate safety equipment and hearing sensors.

The NNPC/First E&P OMLs 83/85 partnership for marine seismic data acquisition would be executed by a Joint Venture (JV) between NNPC’s Integrated Data Services Ltd (IDSL) and Bureau of Geophysical Prospecting (BGP), a subsidiary of Chinese National PetroleDum Corporation (CNPC).

The project is to be developed with an existing FPSO and is designed to add 50,000 barrels of oil per day and 120 million scf of gas per day. Schlumberger had stated that the project Final Investment Decision, FID is expected to be made in December 2017, with first oil production in 2019

It will be recalled  that the NNPC, had in June, signed a tripartite agreement with FIRST Exploration & Production (First E&P) and Schlumberger for development of the Anyala and Madu fields under OML 83 and OML 85, offshore Nigeria.

Under the agreement, Schlumberger had stated that it would contribute the required services in kind and capital for the project development until first oil.

OML 83 and OML 85 are in shallow waters 40 kilometres (km) offshore in the Niger Delta.

The Anyala and Madu fields, Schlumberger said, are discoveries with a combined Stock Tank Oil-Initially-In-Place, STOIIP, of more than 450 million barrels and Gas Initially In Place, GIIP, of more than 800 billion Standard cubic feet (scf).

First E&P holds a 40% interest in the licenses and is the operator of the asset; NNPC holds the remaining 60%.(NAN)