Yemisi Izuora.The Nigerian Petroleum Development Company Limited, NPDC a subsidiary of the Nigerian National Petroleum Corporation, NNPC is restructuring its business strategy with the view to increase its oil production in the next few years.
Managing director of the company Yusuf Matashi who spoke at the official commissioning of Accrete Petroleum head office in Lagos today said the company is set to grow its asset portfolios from current 3 billion barrels to 5 billion barrels in the next five years.
Matashi also disclosed that the NPDC has adopted innovative technology in partnership with Accrete petroleum to grow its production from current 180,000 barrels a day to 500,000 barrels a day in the year 2020.
He said the company has the capabilities to achieve the set goals with the deployment of innovative technologies it has acquired.
According to him, The ground work to achieve the goals are already in the works, adding that with ten assets currently in production the objectives would be realised on target.
To achieve seamless operations the firm would be developing alternative evacuation routes, he disclosed adding that for asset optimisation the company would invest in infrastructure safeguard through investing in community relations to address security challenges as well as other production hiccups.
Matashi commended Accrete Petroleum for developing technologies that has aided NPDC to optimize its operations.
In his opening remarks the managing director of Accrete Petroleum Bukola Oladunjoye said the company uses its global network of strategic partners to provide local solutions to the energy industry.
He said the company had supported industry growth through innovative technologies to save cost in production processes.