The Nigerian National Petroleum Corporation (NNPC) says it plans to generate N11.39tn revenue in 2021 while projecting an increase in oil and gas output and sales between 2021 and 2023.
For the first time ever, the Group Managing Director of the NNPC, Mele Kyari, was at the House of Representatives on Thursday last week to present the 2020 budget performance and 2021 estimates proposed by the corporation.
Meanwhile, the NNPC presented to the National Assembly the estimated revenue for 2021-2023 was underpinned by a total base production of 1.864 million barrels of oil per day in 2021, 2.091 in 2022, and 2.382 in 2023.
In a similar development, the corporation said gas sales were expected to increase by 19 per cent from 6,531 million standard cubic feet per day in 2021 to 7,751 in 2023.
According to the NNPC, the proposed budget was to support the 2021 forecasted production of 1.639mpbd of oil and condensate per day and 6.532bn standard cubic feet of monetised gas per day.
NNPC further revealed that the oil and gas sector would not record any investment until the Petroleum Industry Bill presently before the National Assembly was passed and signed into law.