Nigeria is to increase its daily oil production to 1.8 million in 2019. It would also raise its condensate output by 0.5 million bpd during the period.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, yesterday told Reuters that the country currently produces 1.6 million bpd of oil and 0.4 million bpd of condensate.
According to him, the state-owned oil agency is concluding talks with consortia to revamp the nation’s moribund refineries to reduce fuel imports.
“The expected deals are to be signed this month. We are almost done,” he stated.
The NNPC boss hinted that the corporation could also sign crude-for-product agreements with Shell and ExxonMobil. Read more