Nigeria Lifts Oil Production to 1.8 Mln Barrels Per Day

SEATTLE (Oil Monster): Nigeria's state oil firm NNPC said on Thursday it had increased oil production to 1.8 million barrels per day (bpd), with the possibility of getting to two million bpd by year-end.

Oil production at Africa's top crude exporter was estimated at 1.3 million bpd in October, according to producer group OPEC's latest report. Nigeria often counts condensate production of around 250,000 bpd as part of its production.

The NNPC said the increase was a result of collaborative efforts with its joint venture operators and its partners on production-sharing contracts, alongside security agencies and the government.

"The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders," NNPC CEO Mele Kyari told a press briefing.

Nigeria has been battling crude theft in its Niger Delta production region, sabotage, and local unrest, which has hampered output growth.

In June, NNPC set up a 'war room' to coordinate efforts of oil partners, the government and private security personnel to stem crude theft. Since then, several vessels used in stealing crude have been destroyed and some illegal refiners arrested.

Kyari said the interventions across every segment of the production chain, supported by rigorous pipeline monitoring from security agencies, had been critical to the recovery.

Courtesy: www.reuters.com