Nigeria to boost condensate output under OPEC+ cuts
LAGOS, January 15, 2021 – The Nigerian National Petroleum Corporation has said it is complying with OPEC+ “compensation cuts” but will boost condensate production to make up for reduced oil production.
Mele Kyari, NNPC’s managing director, made the comments during the Global UAE Energy Forum 2021 on Wednesday.
OPEC+ had asked Nigeria to cut 283,000 bopd from August to December 2020 to compensate for overproduction earlier in the year.
“We have no difficulty remaining compliant. What we are doing different today is to increase our sources of condensate supply, which is not curtailed by the OPEC+ cut,” Kyari said, noting that the company was looking at new assets as a source of condensate production.