Nigeria with EXXON strongly increases national oil production

Exxon will increase crude oil production in Nigeria by another 40,000 barrels per day, Nigerian President Bola Tinubu's spokesman Ajuri Ngelale said in a statement Tuesday.

Nigeria has long aspired to increase its crude oil production , most recently promising to raise production to 1.7 million barrels per day by November this year.

To do so, the country has also engaged in harsh repression of oil theft, even going so far as to destroy with heavy weapons some clandestine refineries that processed oil stolen from pipelines.

But now, according to Nigeria, Exxon is pledging to increase production, citing information from Exxon's president for global upstream operations. Exxon's promises could give more weight to the announced increase in production.

“Nigeria has never been as ready for business as it is now,” the spokesperson's statement read, quoting President Tinubu.

Nigeria is the largest OPEC producer in Africa. Its OPEC production quota was lowered earlier this year to 1.38 million barrels a day – from 1.742 million barrels a day – when it failed to meet its quota under the deal due to of repeated problems with oil theft, pipeline vandalism and lack of investment in capacity. The problem was recently quantified by the Nigeria Extractive Industries Transparency Initiative (NEITI), which estimates that Nigeria lost more than 615 million barrels of crude oil worth more than $46 billion to theft in the decade ending in 2020 This is more than 140,000 barrels per day. .

Nigeria's planned production for next year is 1,578 million barrels per day, although its declared capacity is 2.5 million barrels per day, according to the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Nigeria's crude production increased in August from July levels, but still below the 1,320 million barrels per day achieved in June. Nigeria's August production was 1,269 million barrels per day, according to OPEC secondary sources published in the latest edition of its Monthly Oil Market Report.

NUPRC announced earlier this month that it was planning an international investment roadshow to attract money into its mining sector. In fact, only by attracting new investments can we hope to achieve the results that Nigeria has set itself and which could solve many of the country's financial problems.

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The article Nigeria with EXXON strongly increases national oil production comes from Economic Scenarios .

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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-nigeria-con-exxon-aumenta-fortemente-la-produzione-nazionale-di-petrolio2/ on Wed, 20 Sep 2023 08:00:56 +0000.