Fed govt to earn $8.75m from new 175,000bpd oil production | TODAY.NG

The Federal Government’s revenue drive has got a lift with additional $8.750 million or N2.668 billion to be derived from fresh 175,000 barrels of oil equivalent per day from Shell’s Gbaran-Ubie Phase 2. The new production is approximately the equivalent of 864 million standard cubic feet of natural gas per day (mmscf/d), and 26,000 barrels of condensate per day in realisation of Federal Government’s gas monetisation programme. According to a statement by Shell Petroleum Development Company of Nigeria Limited (SPDC) yesterday, signed by its spokesperson, Bamidele Odugbesan, Gbaran-Ubie Phase 2 followed the success of the first phase of the Gbaran-Ubie integrated oil and gas development, which was commissioned in June 2010. Odugbesan, who stated that peak production at Gbaran-Ubie Phase 2 is expected in 2019 with approximately 175,000 barrels of oil equivalent (kboe) per day, said that Gbaran-Ubie Phase 2 would help to process the condensate from Kolo Creek, Gbaran, Koroama and Epu

Source: Fed govt to earn $8.75m from new 175,000bpd oil production | TODAY.NG