The group managing director and chief executive officer of the Nigerian National Petroleum Corporation Ltd. Malam Mele Kyari has said that oil production in Nigeria has increased significantly, such that the country is capable of producing 2.2 million barrels of oil a day in 2023.
“Definitely we believe we can hit a target of 2.2 million barrels a day but our budget target is 1.8 million barrels a day, but we know that it is practical to do 2.2 [million] within 2023,” Mele Kyari, said during the 13th Global United Arab Emirates Virtual Energy Forum last week
Also Read: Nigeria Will Hit 2.2mbd Oil Output In 2023 – Kyari
According to him, the NNPC see a trajectory of restoring production including condensate within the year. He said Nigeria produced 1.59 million barrels a day in December, increasing from just below 1 million the month prior due to a massive oil theft in its Niger Delta oil-producing area, according to the NNPC.
He informed that renewed efforts by Nigerian security agencies and support by private security organizations have helped to reduce oil theft resulting in increased oil output.
Observers note that even if Nigeria can produce 2.2 million barrels a day in 2023, it isn’t permitted to do so as its OPEC quota is around 1.8 million barrels a day. Any production above the quota will be counted as a violation of the cartel’s rule.
Also Read: Marketers Project Six-Month Fuel Scarcity
Nigeria depends on oil export for more than 90% of its foreign exchange and about 70% of government revenue, according to the International Monetary Fund.
By Bosco Agba
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