By Obafemi Oredein
Special to Dow Jones Newswires
IBADAN, Nigeria--The Nigerian National Petroleum Corporation Ltd. said that it is capable of producing 2.2 million barrels of oil a day in 2023.
"Definitely we believe we can hit a target of 2.2 million barrels a day but our budget target is 1.8 million barrels a day, but we know that it is practical to do 2.2 [million] within 2023," NNPC Chief Executive Mele Kyari, said during the 13th Global United Arab Emirates Virtual Energy Forum on Wednesday.
The NNPC "see a trajectory of restoring production including condensate within the year," Mr. Kyari said.
Nigeria produced 1.59 million barrels a day in December, increasing from just below 1 million the month prior due to a massive oil theft in its Niger Delta oil-producing area, according to the NNPC.
Renewed efforts by Nigerian security agencies and support by private security organizations have helped to reduce theft resulting in increased production by the oil company, it said.
However, even if Nigeria can produce 2.2 million barrels a day in 2023, it isn't permitted to do so as its OPEC quota is around 1.8 million barrels a day. Any production above the quota will be counted as a violation of the cartel's rule, according to local energy experts.
Nigeria depends on oil export for more than 90% of its foreign exchange and about 70% of government revenue, according to the International Monetary Fund.
Write to Barcelona Editors at barcelonaeditors@dowjones.com
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January 12, 2023 at 04:22PM
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Nigeria Capable of Producing 2.2 Million Barrels of Oil a Day in 2023, NNPC Says - MarketWatch
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