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The Nigeria National Petroleum Corporation (NNPC) said Wednesday it would begin direct crude sales to refineries from March onwards, replacing the crude oil swap agreements in an effort to achieve savings of some USD 1 billion.

Nigeria targets production increase

ABUJA, July 25, 2016 – The Nigerian government aims to increase production by almost 1 million bopd over the next two years, Minister of Budget and National Planning Udoma Udo Udoma said on Monday upon the announcement of the oil benchmark price for 2017.

 

For next year’s budget, Nigeria will assume an oil price of USD 42.50 per barrel, Udoma said, followed by USD 45 in 2018 and USD 50 per barrel in 2019. The country will also be working to restore crude production to levels of around 2.2 million bopd in 2017.

A string of attacks by various militant groups over the past months, primarily in the Niger Delta, have pushed Nigeria’s production to between 1.4 million bopd and 1.5 million bopd, based on OPEC figures from secondary sources and direct communication, respectively.

In 2018, Nigeria hopes to produce 2.3 million bopd, and aims to hit 2.4 million the following year.

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