NIGERIAN Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), last week, took over the operation of three oil fields operated in a Joint Venture between Chevron and the corporation. The NPDC has also been given a mandate to produce 150,000 barrels per day by 2007 and is set to explore and prospect for oil in some sub-regional African countries in its first move to becoming an international oil company.
The company which now produces 70,000 barrels of crude oil per day (b/d) from 7,000 in 1999, also announced that it would be building a befitting international corporate headquarters in Benin City from where its operation would be coordinated.
Yorla Oil field (depending on the scope of activity) would see the NPDC ploughing in not less than $750,000 dollars before striking first oil, hopefully by 2007. NPDC has no choice than to be vibrant as government has mandated it to hit a target of 750 million barrels reserves and a production of 150,000 per day by 2007.