Nigeria will increase its oil production to 1.8 million barrels per day (MMbbl/d) in 2019 and raise condensate production to 0.5 MMbbl/d, the managing director of Nigerian state oil firm NNPC said Nov. 13.
Nigeria currently produces 1.6 MMbbl/d of oil and 0.4 MMbbl/d of condensate, Maikanti Baru told Reuters.
NNPC is in the final stages of talks with consortiums including top traders, energy majors and oil services companies to revamp its long-neglected oil refineries in an effort to reduce its reliance on imported fuel. Baru said he expected deals to be signed this month.
“We are on it and we’re almost done,” he said.
He added that NNPC could also sign crude-for-product deals with Shell and ExxonMobil, similar to the one signed with BP on Nov. 1, if they showed interest.
NNPC imports about 70% of Nigeria’s fuel needs, mainly gasoline, via swap contracts. It has contracts, known as direct sale direct purchase agreements, with 10 consortiums that include trading houses Vitol, Trafigura, Mercuria and Total.
Recommended Reading
Tech Trends: Safety, Speed, Savings: Automation is Transforming Drilling
2024-03-26 - Drilling is getting smarter through automation, delivering efficiency, consistency and reliability.
AI Advancing Underwater, Reducing Human Risk
2024-03-25 - Experts at CERAWeek by S&P Global detail the changes AI has made in the subsea robotics space while reducing the amount of human effort and safety hazards offshore.
CERAWeek: Large Language Models Fuel Industry-wide Productivity
2024-03-21 - AI experts promote the generative advantage of using AI to handle busywork while people focus on innovations.
Geothermal ‘Could Save the World,’ but Faces Familiar Subsurface Risks
2024-03-20 - CERAWeek panelists discussed hurdles to widespread use of Earth’s heat to generate power — problems familiar to oil and gas operators.
CERAWeek: AI, Energy Industry Meet at Scary but Exciting Crossroads
2024-03-19 - From optimizing assets to enabling interoperability, digital technology works best through collaboration.