By Dipo Olowookere
The managements of the Nigerian National Petroleum Corporation (NNPC) and its upstream joint venture partner, ExxonMobil, have met to strengthen ways to expand existing operational portfolio with a view to increasing crude oil production and availability of gas for power generation.
On Wednesday, September 6, 2017, a high-powered ExxonMobil delegation led by Mr Jack Williams, Senior Vice-President of the United States-based global oil corporation, had a meeting with the Group Managing Director of NNPC, Dr Maikanti Baru, in Abuja.
Mr Baru said the joint venture with ExxonMobil, which until recently was the highest producer of crude oil in the country, was primed to make a rebound.
He said the corporation had advanced talks with ExxonMobil on major operational issues like improved drilling to increase production and refurbishment of crude oil pipelines as well as supply of gas to the planned Qua Iboe Independent Power Plant among others.
“More importantly we also discussed their recommitment to supply gas to the domestic market and this is something that is very positive and they are willing; we would quickly roll-out the programme to ensure that sufficient gas comes in for the IPP.
“We also secured a commitment from them to end gas flare at QIT and other production areas,” he said.
Describing the meeting as very fruitful, Mr Williams on his part noted that ExxonMobil was committed to growing its production in Nigeria “safely and with much integrity.”
To underscore its aspiration for growth in production, Mr Williams hinted that ExxonMobil was set to increase its JV budget for 2018 operations.
more recommended stories
CCNN Nets N3.6bn Profit as Revenue Rises 213% in Q1 2019
By Dipo Olowookere On Thursday, one.
Nigerian Breweries Woes Sink Q1 2019 Profit by 22%
By Dipo Olowookere Since the Nigerian.
Investors Oversubscribe Nigeria’s 30-Year Bond by 400%
By Dipo Olowookere On Wednesday, the.
Stock Market Further Sheds 0.59% as Senate Shifts 2019 Budget Passage
By Dipo Olowookere Transactions on the.
T-Bills Market Bullish on Absence of OMO Sale
By Dipo Olowookere The absence of.
Asian Equities End Mixed as Investors Digest Upbeat Corporate Results
By Investors Hub Asian stocks ended.
European Shares Close Mixed Wednesday
By Investors Hub European stocks are.
US Stock Investors Take Breather After Tuesday’s Run to Record Highs
By Investors Hub The major U.S..