{"id":151915,"date":"2022-02-21T20:31:19","date_gmt":"2022-02-21T19:31:19","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=151915"},"modified":"2022-02-21T20:31:19","modified_gmt":"2022-02-21T19:31:19","slug":"nnpc-nigerias-marginal-fields-produced-46m-barrels-of-crude-in-one-year","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/02\/21\/nnpc-nigerias-marginal-fields-produced-46m-barrels-of-crude-in-one-year\/","title":{"rendered":"NNPC: Nigeria\u2019s marginal fields produced 46m barrels of crude in one year"},"content":{"rendered":"<p>The Nigerian National Petroleum Company (NNPC) Limited has disclosed that Nigeria produced 45.59 million barrels of oil through marginal fields from August 2020 to July 2021 &#8211; the lowest yield from various production arrangements.<\/p>\n<p class=\"caps\">This was disclosed by the NNPC\u00a0in its latest financial and operations <strong><a href=\"https:\/\/www.nnpcgroup.com\/NNPCDocuments\/Performance%20Data\/FullReports\/NNPC%20Monthly%20Financial%20and%20Operations%20Report%20for%20August%202021.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a><\/strong>\u00a0for August 2021.<\/p>\n<p><span data-preserver-spaces=\"true\">Marginal fields are smaller oil blocks developed by indigenous companies, and they have not been exploited in at least the last ten years. These fields are often discovered by international oil companies (IOCs) but remain inactive due to their decision to withdraw from further production activities.<\/span><\/p>\n<p>Recall that i<span data-preserver-spaces=\"true\">n May 2021, the Department of Petroleum Resources (DPR) \u2014 now NUPRC \u2014 had completed the<\/span><span data-preserver-spaces=\"true\">\u00a0first successful bid programme after 18 years.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Over 600 companies had applied to be<\/span><span data-preserver-spaces=\"true\">\u00a0pre-qualified for the bid rounds of 57 marginal fields, which began on June 1, 2020.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Other arrangements through which Nigeria produces its oil are joint ventures (JVs), production sharing contracts (PSCs), alternative funding (AF) and through the Nigerian Petroleum Development Company (NPDC), a subsidiary of the <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/17\/fuel-crisis-to-end-next-week-nnpc-assures-nec\/\">NNPC<\/a>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Under JVs, Nigeria produced 172 million barrels of oil for the period under review. PSCs contributed 240 million barrels, and 59.4 million barrels produced under alternative funding, and NPDC produced 58.19 million barrels.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The total production culminated in 575.28 million barrels from August 2020 to July 2021, with an average daily production of 1.58 million barrels.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In July 2021, a total of 47.55 million barrels of crude oil and condensate were produced, representing an average daily production of 1.53 million barrels.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Condensate is a mixture of light liquid hydrocarbons produced as a byproduct during hydrocarbon drilling.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the report, July 2021 production figure comprises 38.75 barrels (1.22 mbd) of crude, pure condensate of 6.79m barrels and spiked condensate of 1.99m barrels.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian National Petroleum Company (NNPC) Limited has disclosed that Nigeria produced 45.59 million barrels of oil through marginal fields from August 2020 to July 2021 &#8211; the lowest yield from various production arrangements. This was disclosed by the NNPC\u00a0in its latest financial and operations report\u00a0for August 2021. Marginal fields are smaller oil blocks developed [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":151942,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[2658,30688,1193,30689],"class_list":["post-151915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-department-of-petroleum-resources","tag-marginal-fields","tag-nnpc","tag-production-sharing-contracts-pscs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NNPC: Nigeria\u2019s marginal fields produced 46m barrels of crude in one year<\/title>\n<meta name=\"description\" content=\"The Nigerian 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