Mobil Producing Nigeria Unlimited (MPNU) and Shell Petroleum Development Company of Nigeria Limited (SPDC) recorded the biggest decline in production from joint venture assets in the first quarter of this year, The Punch reports.
MPNU saw its JV output drop from 11.646 million barrels in January last year to 6.2 million barrels in March this year, according to the latest data obtained from the NNPC. MPNU, which remains the biggest producer onshore, posted a 36% decline in its production in the first three months of this year compared to the same period last year. It produced 21.913 million barrels in the first quarter of this year, down from 34.193 million barrels in the same period last year, the NNPC data showed.
The SPDC saw its JV production plunge from 5.256 million barrels in January last year to 2.815 million barrels in March this year. The company, whose output dropped to as low as 2.191 million barrels in August, lost its status as the third biggest producer onshore to Total E&P Nigeria Limited. Shell’s production onshore also fell by 36% in the first quarter of this year from the 14.272 million barrels recorded in the same period last year.
Chevron Nigeria Limited’s whose production declined from 5.42 million barrels in January 2016 to 4.031 barrels in May that year, has recovered significantly in recent months. Its output rose to 5.702 million barrels in March this year from 4.533 million barrels in February and 5.373 million barrels in January. Total E&P Nigeria has seen its production increase from 2.846 million barrels in January last year to 4.031 million barrels in March this year.