Nigeria will remain important player in global oil market – OPEC Rep

Nigeria’s representative in the Organization of Petroleum Exporting Countries (OPEC), Mele Kyari, has said the country cannot be ignored in the global oil market due to the growing positive outlook of its oil output. Mr Kyari, who is also the Group General Manager, Crude Oil Marketing Division, Nigerian National Petroleum Corporation (NNPC), was speaking on Thursday at a conference organised by Argus Media in Le Richemond, Geneva, Switzerland.

He said; “Nigeria has the second highest crude oil reserves in sub-Saharan Africa (about 37 billion barrels of proven oil), after Libya. That means if Nigeria continues to produce at the current level, even without doing anything, it will still be producing in the next 35 to 40 years. This means for the period, Nigeria will continue to be a relevant supplier of at least two million barrels of crude oil into the international oil market every day. So, Nigeria cannot be ignored in the global oil market for a long time.”

In January 2017, Nigeria and Libya were granted exemption from the output cut resolution by OPEC to stabilise global oil prices. During the period, due to rising incidences of attacks and sabotage of oil facilities by armed Niger Delta militants, daily oil output averaged 1.7 million barrels. But, Mr Kyari said since 2017 Nigeria’s oil production climbed to about 1.8 million barrels per day, and about 2 million barrels by the end of September 2018. He added that Egina, a deep offshore oil field being developed by Total Nigeria, on course to commence production by December 2018 would add another 200,000 barrels of crude oil.

Source: Premium Times

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