Nigeria’s Crude Oil Production to hit 2.5mbpd in 2019

Minister
of State for Petroleum Resources, Dr Ibe Kachikwu, yesterday said that
Nigeria’s crude oil production is expected to increase from current average of
2 million barrels per day to 2.5 million barrels per day by the end of 2019.

He
also disclosed that the country intends to further grow it to 3mbd by 2020.
According to him, the county’s crude oil reserves is expected to hit 40billion
barrels by 2020 raising from its current 37.2 billion barrels. Kachikwu made
this known at the ministry’s presentation of three years key achievements and
staff award ceremony in Abuja.

He
stated that a number of new green field discoveries such as the Owowo field in
deep water OML 139 with an estimated 1 billion barrels of crude reserves, the
Egina FPSO which is expected to commence production of 200,000 barrels per day
very soon as well as sustained exploration activities in Chad Basin and Benue
Trough were sources expected to expand the nation’s production capacity.

Nigeria
has in recent times achieved relative peace and cessation of hostilities in the
Niger Delta region where majority of the country’s oil and gas assets are
located. This has resulted in a stable and improved daily crude oil production in
the country, and it is expected that the truce reached with the host communities will be sustained even in the years to come.