Africa’s largest oil producer, Nigeria, plans to increase oil production over the next two years by 250,000 barrels per day (bpd).
The production increase is expected from the Nigeria Petroleum Development Corporation (NPDC), a subsidiary of the state-owned Nigerian National Petroleum Corporation. NPDC currently pumps an estimated 260,000 bpd which, as NPDC group managing director Mele Kyari states, will increase to 500,000 bpd by 2022. Additional output will be used to accommodate domestic oil demand.
“Today, NPDC has the highest number of rigs running in this country,” Kyari expressed. “Five rigs are running at the same time adding value and delivering major projects which will ultimately contribute towards the production of the 500,000 per day target.”
According to OPEC’s recent Monthly Oil Report, Nigeria produced a daily average of 1.37 million barrels last month, This showed a decrease of 38,000 bpd from June but remains below the agreed upon 1.41 million bpd by OPEC+.