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Nigeria Sees Oil Output At 2.2mbpd By End 2023

OIL

Nigeria could ramp up oil output to 2.2mbpd by year-end, while 1.8mbpd remains the budget target, Nigerian National Petroleum Co (NNPC) managing director said.

  • “Definitely we believe we can hit a target of 2mbpd but our budget target is 1.8mbpd, but we know that it is practical to do 2.2mbpd within 2023”, Mele Kyari, managing director of NNPC said.
  • Nigerian oil production has risen to 1.6mbpd in December, falling short of its OPEC quota of 1.83mbpd, an investment officer at NNPC said last month.
  • Nigeria struggled to meet its OPEC quota last year after production declined steadily since early 2020 because of pipeline theft which led to shutting down wells and disrupting investment in the sector.
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