Although Federal Government key assumptions and micro-framework for the 2019 budget is based on a projection of 2.3 million bpd oil production, oil price benchmark of $60/b and exchange rate of N305 to the dollar, the country’s crude production remains below 2million bpd.
Secondary sources say Nigeria recorded 1.73m bpd last month, while S&P Global Platts survey puts the nation’s output at 1.84m bpd from 1.88m in February.
With the technical operations and unveiling of three newly completed projects of Pan Ocean Oil Corporation scheduled for June, the country’s crude production is expected to improve, except Organisation of the Petroleum Exporting Countries (OPEC) revises output next month.
The projects to be unveiled are, the Amukpe-Escravos Pipeline Project (AEPP), Ovade-Ogharefe Gas Processing Plant Phases I & II and OML 147 Early Production Facility at Owa-Alidinma.
Pan Ocean, operator of the NNPC/Pan Ocean Joint Venture, says the Amukpe-Escravos Pipeline is a 67-kilometer X 20 inch, low-risk underground pipeline that will evacuate crude oil from Amukpe to Escravos Export Terminal with capacity to deliver 160,000bpd.
It is designed to minimise vandalism and mitigate loss of revenue to government and oil and gas companies operating in the northern fringe of the Niger Delta.
The pipeline was installed using Horizontal Directional Drilling (HDD) method to ensure minimal ecological and environmental disruption during construction and operation and is the longest of its kind in Africa.
“The Ovade-Ogharefe Gas Processing Plant will supply lean gas to the NIPP Power Plant located at Ihobbor, Edo State and liquefied petroleum gas (LPG) to households across Nigeria.
“It has a processing capacity of 200mmscf/d, and is equipped with 29 storage tanks built to store approximately 194,400 gallons of Propane and 244,640 gallons of Propane/Butane mix (LPG).
“The third project, OML 147 Early Production Facility at Owa-Alidinma is expected to process 11,000 barrels of crude oil and 90 million standard cubic feet of gas daily when fully operational,” the firm explained.
General Manager (OML 147 Asset), Collins Akinkugbe, said: “With the support of our joint venture, financial and technical partners, our team delivered these world-class projects safely and with the highest consideration for environmental impact.
“We set out to deliver infrastructure that will bring operators in the northern fringe of the Niger Delta closer to zero gas flare, monetisation and commercialisation of their gas resources, stability of revenue from the Amukpe-Escravos pipeline, improved power supply and attainment of the national gas plan.”
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