Abuja — Nigerian Petroleum Development Company (NPDC), a subsidy of the Nigerian National Petroleum Corporation (NNPC) will push daily production of crude oil to half a million barrels, emerging as the country's leading producer, Group Managing Director of the corporation, Maikanti Baru said yesterday.
The company currently produces about 230 thousand barrel per day of the output, which stood at 2.25 million barrel earlier in the year.
Baru said at the 18th yearly general meeting of NPDC in Benin City that the company's performance was satisfactory.
He said that the target of the corporation is to make the upstream subsidiary the number one exploration and production company in Nigeria.
"It is encouraging and the company is on a growth path and its processes and procedures fully in line to ensure that it delivers on its mandate set by NNPC."
NPDC production level was significantly growing and would soon hit the 500,000barrel per day (b/d) target from its current 230,000b/d, which would almost make it the highest producers in the country.
Managing Director of NPDC, Yusuf Matashi, said the company has concluded plans to establish liquefied petroleum gas plant with a capacity of 330,000 metric tons per day.
According to him, the plant would supply about 40 per cent of the country's LPG demand by producing 1,000 trucks per day.
The NPDC is one of the upstream subsidiaries of the NNPC. Established in 1988, the company began its operations from the Oredo field and as of today, is among the top four E&P companies as well as the largest supplier of domestic gas to industries in Nigeria.