The Nigerian National Petroleum Corporation (NNPC) has announced that the oil industry will achieve the 2.3 million barrels per day production volume target for the 2019 budget.
Group Managing Director of the NNPC, Dr. Maikanti Baru, who stated this on Wednesday at a presentation to the Nigerian Senate Committee on Finance on the 2019-2021 Medium Term Expenditure Framework (MTEF), says that measures are in place to attain the set mark.
Baru stated that with improved security in oil-bearing communities as a result of sustainable community partnership, the industry was confident of attaining the production target.
Group General Manager, Corporate Planning and Strategy of the corporation, Bala Wunti, says although the country had production capacity of over 2.5mbd, unfortunate security situations of the past in areas of operation made it difficult to achieve desired production targets.
On the likely impact of the Organisation of the Petroleum Exporting Countries (OPEC) quota on Nigeria’s production target, the NNPC GMD states that the production target of 2.3 million barrels per day is a combination of liquid hydrocarbon production comprising crude oil and condensate, noting that the OPEC quota only covers crude oil production.
He further stated that with Nigeria’s condensate production currently oscillating between 400,000 to 600,000 barrels per day, the country is in a good position to attain the overall production benchmark.
Baru stressed that the NNPC’s mandate on the MTEF was on the key thematic indicators of Production Volume, Crude Oil Price and Unit Crude Oil production Cost.
