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   NIGERIAN PETROLEUM DEVELOPMENT COMPANY LIMITED

The Nigerian Petroleum Development Company Limited (NPDC) a wholly owned commercial subsidiary of the Nigerian National Petroleum Corporation, NNPC, was set up in 1988 to engage in the exploration and production business nationally and internationally.

VISION

NPDC shall be Nigeria's Premier E & P Company

CURRENT STATUS/POTENTIALS

NPDC has been assigned five (5) concessions in the Niger-Delta. They are OML 64, OML 111 (onshore) OML 66 (Swamp) (onshore0 and OPL 91 (now OML119 offshore).

The company commenced operation at Abura field (0ML65) when it took over operation from Mobil with a production of a meager 980 BOPD in 1988. NPDC proposes to drill and complete additional wells whose initial take off production rate is 4,000 BOPD. Another producing field is the Oredo field (OML 111) which commence production. In 1996 with a daily output of 5,000 BOPD. The current daily production is about 2,800 barrels. A flowstation with installed capacity of 6,000 BOPD due for upgrade to 1,0000 BOPD is located in Credo, thereby allowing to produce condensate reservoirs already completed in the field.

A third producing field, the Oziengbe South field (OML 111) has a mini Flowstation recently installed. Production from the field will commence first quarter, 2002 with an estimated take-of rate of 4,000 BOPD.

NPDC's newest production fields are Okono and Okpoho in OML 119 offshore. The company produced its first oil in Okono in partnership with Agip Energy and Natural Resources (AENR) in December 2001, 10 months from starting operations. The first lifting was recorded on February 13, 2002. the field's production capacity per day is 20,000 barrels. This marks the beginning of a truly indigenous government production from an offshore environment where the future of the local oil industry lies.

NPDC and AENR went into a service contract agreement and signed an MOU December 2002 for the development of Okono and Okpohu under a joint operatorship. Presently, the sharing formula is 70 percent to AENR, and 30 percent to NPDC but after full recovery of cost oil, NPDC takes 60 percent while AENR takes 40 percent.

The fields, which were discovered in 1983 with an initial estimated reserve of 56 million bbls now have a reserve base of 240 million barrels. The estimated daily production from the fields is currently above 50,000 BOPD.

OPL 244 DEEP WATER BLOCK

NPDC AND Nigeria Agip Exploration Ltd (NAE) succeeded in their joint application for OPL 244 deep water block in 2000 open acreage competitive bidding. The tow companies have signed a Production Sharing Contract (PSC) as contractors to NNPC.

NPDC'S GAS UTILIZATION PROJECT

NPDC is in the process of selecting a wet gas of takes to utilize the produced gas from Oredo and Oziengbe South fields, which will be completed within the year 2002.

CURRENT BUSINESS DIRECTION

NPDC is currently working out another partnership arrangement on two of its swamp acreages, OMLs 64 and 65. NPDC will continue to seek such funding arrangements so as to enable it exploit and produce its large oil and gas reserve holdings.

In seeking to attain its vision to become Nigeria's premier E & P company within the next few years, NPDC intends to:

i)  Pursue an accelerated exploration and production of underdeveloped proven     reserve in all of its blocks through agreed arrangements.
ii) Commence aggressive exploration activities in deep offshore blocks won in     competitive bidding or assigned to it.

With the huge capital required for the exploration and field development of deep offshore blocks, if is obvious that NPDC shall be seeking the assistance and cooperation of medium/ international oil and gas companies interested in funding the E & P activities in one of the hottest areas of current exploration activities around the globe.

Enquiries from prospective and potential investors and joint venture partners are welcomed as NPDC is willing to consider partnership arrangements that would be of mutual benefit to all parties.

For further enquiries, contact:

The Managing Director
Nigeria Petroleum Development Company Ltd
NNPC Towers
6th Floor Block A
Central Business District Abuja
Tel: 09-234115; 5239151
2348200-ext. 81803
Fax: 09-4138369

OR

Nigeria Petroleum Development Company Ltd
62/64, Sapele Road,
P.M.B 1262,
Benin City Edo State,
NIGERIA.
Tel: 234-52-251907, 2518
Fax: 234-52-259514, 255498

 
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