A Review of the Nigerian Energy Industry

Nigeria targets 1.8 barrel per day oil production by 2019

*Dr. Maikanti Baru

OpeOluwani Akintayo

14 November 2018, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation, NNPC, has said the country will boost crude oil production to 1.8 million barrels per day, mbpd by 2019.

In an interview granted to Reuters by the Corporation’s Group Managing Director, Maikanti Baru said on Tuesday, said apart from the target of 1.8mbpd, Nigeria will also raise condensate to 0.5 million bpd.

Nigeria currently produces 1.6 million bpd of oil and 0.4 million bpd of condensate, according to Baru.

However, statistics obtained by OPEC from secondary sources, pegged Nigeria’s oil production at 1,751mbpd in October, while that from a direct source, said the country’s production was 1,772mbpd in October.

Nigeria produced between 2.2mbpd and 2.4mbpd before the Organisation of the Petroleum Exporting Countries, OPEC’s cuts.

Baru added that he expected NNPC to sign deals with consortiums this month to revamp long-neglected oil refineries.

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