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Nigeria eyes 100,000 bpd oil boost amid global demand
24 Mar
Summary
- Nigeria aims to add 100,000 bpd production in coming months.
- NNPC is implementing business changes to improve project delivery.
- The country hopes to average 1.8 million bpd this year.
Nigeria has the potential to significantly boost its oil output, with an expected increase of around 100,000 barrels per day within the next few months. Bashir Bayo Ojulari, group CEO of the Nigerian National Petroleum Company (NNPC), confirmed the country's growing capacity.
This added production aims to contribute to meeting global crude oil demands. Nigeria averaged between 1.6 and 1.7 million barrels per day last year and is targeting an average of 1.8 million bpd for the current year. Ojulari acknowledged Nigeria's contribution would be significant, though not on the scale of major producers like Saudi Arabia.
Furthermore, NNPC has completed a comprehensive review of its business portfolio and is initiating changes this year. A key focus is on enhancing operational execution and ensuring projects are completed on time and within budget, addressing previous delays.
