It is reported that Nigeria Petroleum Development Corporation (NPDC), an upstream subsidiary of the Nigerian national oil company NNPC, announced on Monday a four-year investment plan of up to US$5.2 billion to increase oil production to 300,000 barrels per day, mainly from Assets acquired from foreign oil companies including Shell.

Victor Briggs, general manager of NPDC, stated in the company’s announcement: “The investment plan will start, and this year’s investment will be US$1.8 billion. It is expected that the oil production will increase from the current 140,000 barrels/day to 160,000 barrels/day by the end of the year. Natural gas production will reach 600 million cubic feet per day by the end of this year."

It is reported that after taking over the rights to operate six land oil wells, including OML 30, sold by Shell, Total and Eni, NDPC has increased oil production and increased oil reserves to approximately 2.1 billion barrels. The output of these six wells reached 35,700 bbl/d at the end of last year.

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