Nigeria’s Oil Production Hits 2.25mbd

  • Nigeria’s Oil Production Hits 2.25mbd

Nigeria’s daily crude oil production with condensates has increased to 2.25 million barrels per day (mbd), but with crude oil production alone standing at 1.8mbd, while condensates are 450,000 barrels per day (bd), the Nigerian National Petroleum Corporation (NNPC) has disclosed.

The NNPC also disclosed on Tuesday in Abuja that it has received 254 applications from oil trading firms, refineries and other national oil companies, interested in the 2018 to 2019 term contract to lift and sell Nigeria’s crude oil blends for the periods.

NNPC’s Group Managing Director, Dr. Maikanti Baru, said shortly after declaring open the bid opening and evaluation exercise, that the firms would be trimmed down to an acceptable number after evaluations of their bids is completed in the next three to four weeks, and given up to 40 cargoes of Nigeria’s oil to lift and sell in the international market every month.

Baru said this was equivalent to the volume of crude oil the corporation put out in its 2016 to 2017 crude oil term contract and which 39 successful bidders emerged.

He also noted that going forward, the NNPC would demand to know the real owners and beneficial owners of companies that participate in its crude oil term contract as a new requirement to avoid trading with companies and individuals with questionable backgrounds.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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