Egina, Usan to raise Nigeria’s daily oil output to 2.6mb

02 January 2012, Sweetcrude, Lagos – Nigeria’s Egina and Usan projects, planned for delivery in the next few years, will raise the country’s crude oil production to 2.62 million barrels per day.

Usan will add 180,000barrels per day, bpd, and Egina, 150,000bpd to 200,000bpd.

According to Business Monitor International, BMI, Nigeria’s oil production is expected to rise from about 2.53 million barrels per day, mbd, in 2011 to 2.62mbd by 2021, mainly because of the two projects.

It also forecast in its recently released fourth quarter Nigerian oil and gas report that crude oil consumption will increase at a yearly average of 6.29 per cent rate between 2011 and 2021.

“We forecast consumption rising from an estimated 286,000bpd in 2011 to 549,000bpd by 2021.

“BMI forecasts gas production increasing from an estimated 34.71bn cubic metres (bcm) in 2011 to 82.61bcm by 2021, as the authorities and companies reduce the practice of flaring and start monetising associated gas resources.

“Gas demand is set to rise at an annual average growth rate of 9.27 per cent. Booming demand from the government’s ambitious power sector plans and large export engagements will thus bolster production growth. We see Nigerian gas consumption rising from an estimated 5.22 billion cubic metres, bcm, in 2011 to 13.17bcm by 2021,” the report said.

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