The Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation, has said its relationship with Accrete Petroleum will help in achieving its goal of increasing oil production and reserves.
The Managing Director, NPDC, Mr. Yusuf Matashi, said the company was looking to increase its oil reserves from three billion barrels to five billion barrels in the next five years.
“We have the asset portfolio to achieve increase in production. We have at the moment more than 10 producing assets, and with additional exploratory activities, we have confidence that we can quickly grow our asset portfolio to five billion barrels in the next five years,” he said at the inauguration of Accrete Petroleum’s new office in Lagos.
He said getting more from existing production and delivering new production more efficiently would be critical and indispensable in achieving the target.
Matashi said, “Accrete Petroleum is already deploying its solutions towards this and the NPDC is ready to expand same applications across all assets, consolidate and centralise in order to achieve the maximum benefits from the investment we have with our partners. Selecting the right partnership and technology platform has never been more important to the NPDC as we set our sights to achieve this structural growth.”
He said in seeking strategic support, the company would be looking for partners that would share its vision, understand its challenges and deliver value to the company.
The NPDC MD said, “We will present ourselves as an opportunity to all, and we will distil our options. Already, after seven years in the NPDC, and as a testimony to that relationship, we think we have in Accrete a solution to support us to achieve our goal. “I think we have in Accrete the needed integrity without doubt to continue to expand our relationship with the company. In inaugurating this new office, I am hoping that Accrete has in mind to continue to support the NPDC in realising its targets.”
The Managing Director and Chief Executive Officer, Accrete Petroleum Limited, Mr. Bukola Oladunjoye, said the company began operations in Lagos over seven years ago with high hopes for the future.
He said, “At the time, all we saw was a critical need to help oil and gas companies in Nigeria and West Africa maximise value from their assets through production management and optimisation strategies, reserves evaluation and benchmarking, hydrocarbon accounting and general petroleum engineering advisory.
“After years of hard work, we have developed a reputation for being one of the foremost providers of innovative integrated production management tools, hydrocarbon accounting solutions and consultancy services for the oil and gas sector in West Africa.
Oladunjoye noted that Petroleum Experts Limited singled out Accrete Petroleum for collaboration in 2010 and appointed the company to act as its sole technical partner and representative in Nigeria for the provision of local technical support and consultancy services in the use of its integrated production modelling tool and digital technology.