Baring any unforeseen circumstances and the eventual start up of the Total-operated Egina FPSO, the Nigerian crude oil production has been projected to rise to 2.2 million barrel per day in 2019.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu said this in an interview with S&P Global Platts, recently.
According to Kachikwu, Nigerian crude and condensate production is expected to rise to 2.2 million bpd by early next year when the Total-operated Egina oil field becomes operational.
He said, “Hopefully, that should lift us closer to 2.15 million-2.2 million by the start of next year barring any unforeseen shutdowns,” Kachikwu said, adding that the country’s longer-term production goal is around 2.5 million bpd.
“I think you could see it creep up to 3 million b/d in the next eight to 10 years,” the minister said.
Kachikwu expects “relative stability” in Nigeria’s oil sector ahead and during the elections in February.
According to him, as the country recovers from the wave of militant attacks on oil faculties in 2016 and early 2017, the relative stability the country now enjoys since mid 2017 has resulted in a steady rise in her oil production.
As result, the country’s crude oil production jumped by 74,000 bpd from its July level to average 1.722 million bpd in August, according to OPEC’s secondary sources. In September, Nigeria further boosted its crude oil production, by 26,000 bpd to 1.748 million bpd. And as October, Nigeria’s crude oil and condensate production stood at 2.09 million bpd in October.