Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Mallam Mele Kyari, has said the country’s crude oil and condensate output will be at 1.8 million barrels per day and is likely to overcome production issues by the end of December.
The NNPC GMD said this yesterday in an interview with Bloomberg.
According to him, oil production would easily hit 2m barrels when condensate — a light form of oil — is included in the total.
“It is very obvious that by the close of the year we would get back to the 1.7-1.8mbpd from crude only. As you may be aware, when we mention these figures, I am talking about crude oil only,” he said.
Kyari noted that crude’s likely to stay above $80 a barrel for “a while to come” and $100 is “within sight”.
Recall that the Organisation of Petroleum Exporting Countries and its allies (OPEC+) earlier this month approved a raise in the production quota of members by 0.4 percent, with Nigeria’s quota rising to 1.666mbpd for December, from 1.649mbpd agreed for it for November.