Business a.m.
In a bid to fully maximise the value of Nigeria’s rich hydrocarbon assets and boost the nation’s coffers, NNPC Ltd and Newcross Exploration and Production Ltd have collaborated to revive the dormant Awoba field, a once-productive asset that had fallen victim to the effects of crude oil theft and evacuation issues. The strategic restart, after two years of inactivity, aims to shore up the nation’s production and contribute to its OPEC quota, a crucial step in securing Nigeria’s financial future.
Nigeria’s hydrocarbon production landscape has received a significant boost with the restart of the Awoba field by NNPC Ltd and its partners, Newcross Exploration and Production Ltd. The strategic move, taken on April 13th, 2024, has already seen production surge to an average of 8,000 barrels per day, with experts predicting a plateau of 12,000 barrels per day within the next 30 days as operations reach full capacity.
NNPC Ltd’s Upstream Investment Management Services (NUIMS) is charged with the strategic oversight of the Awoba Unit, a vast hydrocarbon asset spanning OMLs 18 and 24 in the mangrove-rich south of Port Harcourt, Rivers State.
The JV portfolio of NNPC Ltd has continued to shine as a beacon of hopeto the country’s hydrocarbon output through a series of strategic restarts and new developments. In addition to the inauguration of the Madu Field, in a joint venture with First E&P, the company has successfully restored production to OMLs 29 and OML 18, originally halted in late 2023. This restoration has added a steady stream of 60,000 barrels of crude oil per day (bpd) to the nation’s overall production, a triumph that solidifies NNPC Ltd.
Commenting on the development, Mele Kyari, the group chief executive officer of NNPC Ltd,credited the President Bola Ahmed Tinubu administration’s commitment to creating a conducive business climate for the recent spate of production successes in the company’s joint venture portfolio.
Noting that the feat was only made possible through the collaborative efforts of various stakeholders, Kyari extended his heartfelt gratitude to the individuals and groups whose tireless work and unwavering commitment contributed to NNPC Ltd’s joint venture successes.
