Financial Energy Review
Shell Nigeria Exploration & Production Company (SNEPCo) managing director, Elohor Aiboni, has said that there was no reason Nigeria cannot grow its crude oil production output to four million barrels per day, leveraging on the vast array of prolific assets, especially in the deep water space.
She stated this while expressing her appreciation to the leadership of the Nigerian National Petroleum Company (NNPC) Ltd and the NNPC Upstream Investment Management Services (NUIMS) for the level of collaboration geared towards maximising the potential of the deepwater assets and delivering key projects.
Speaking at the NNPC NUIMS 2023 Annual Value Assurance Review (AVAR) in Lagos, she restated the company’s commitment to growing their assets, willingness to deliver big-ticket projects and exploit near-term opportunities to continually grow output volumes.
She expressed appreciation to the leadership of NUIMS for the level of collaboration geared towards maximising the potential of the deepwater assets and delivering key projects to unlock value for stakeholders.
Bala Wunti, Chief Upstream Investment Officer, said that Bonga has a special place in Nigeria’s upstream space, and NUIMS remains committed, willing, and able to actively support SNEPCo to continue exceeding expectations.
Wunti reassured her of the commitment of NNPC and NUIMS to rewrite the history books and deliver bigger milestones.
He commended SNEPCo and the in-house Asset Management team for the job well done in collaborating with Baker Hughes to execute a Product Deployment Memorandum of Agreement (PDMOA) for the deployment of the novel Aptara C Tree in the Bonga field, placing NNPC, SNEPCo and by extension Nigeria on the global map of deepwater oil and gas technology.
Wunti stated that NNPC Ltd was hungry for even more success, and remain open to supporting all its partners to achieve shared prosperity.
SNEPCo recently surpassed the one billion barrels of crude oil production milestone and is currently outperforming its production target for 2023 raising daily production output from approximately 90,000 BPD to 131,000 BPD.
Improvements were recorded from the onshore and swamp assets following the launch of the industry-wide security architecture.
Also, activities in the deepwater space have also picked up contributing to the overall improvement in production
