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Nigerian National Petroleum Corporation (NNPC) earns 21% more from Joint Ventures in Jan-Oct than 2011 goal: CEO
State-owned Nigerian National Petroleum Corporation earned 21% more from its investments in oil joint ventures with foreign partners in January-October than its target for the whole of 2011 due to higher oil prices and production, its CEO, Austin Oniwon, has said.
An NNPC statement Wednesday quoted Oniwon as saying at a briefing with lawmakers in Abuja on Tuesday that the earnings were $16.79 billion in January-October compared with the 2011 target of $13.9 billion.
“The crude prices have been very firm, and volume has been good, with production of oil stabilizing at 2.4 million b/d at that time,” Oniwon was quoted saying.
The NNPC manages the government’s joint ventures with foreign oil partners namely Shell, ExxonMobil, Chevron, Eni and Total. They account for more than 90% of Nigeria’s around 2.5 million b/d of oil output.
Oniwon told the Senate lawmakers that NNPC would require annual investment of $13.9 billion over the next five years to meet its production target of 3 million b/d of crude over the next 10 years.
He said Nigeria had largely been able to sustain production levels but had not been able to add to its reserves due to funding constraints.
The managing director of Total’s Nigerian subsidiary, Guy Maurice, said on Tuesday in Lagos that drilling had hit an all time low in Nigeria and that the country needed to provide a more enabling environment for companies to step up exploration.
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