Nigeria aims to raise crude oil output to 3 million b/d by 2020
Baku, Azerbaijan, Nov.15
By Leman Zeynalova – Trend:
Nigeria aims to increase its crude oil output to 2.8 million barrels per day by 2019, according to a short-term policy document from the country's oil ministry.
The country intends to raise its oil production to 3 million barrels per day by 2020 from the current average of 2 million barrels per day, said the document obtained by S&P Global Platts.
The target is anchored on reform in the Nigerian oil sector, the quick resolution of unrest in the Niger Delta and an inflow of foreign investment in the range of $100 billion, the ministry said in the document.
Nigeria’s oil ministry said the government intends to completely overhaul the oil sector.
"This is expected to encourage an influx of potential investors into a portfolio of high-value projects of $100 billion with healthy and diversified returns," the ministry said in the document.
Nigeria, Iran and Libya were granted exemption from a resolution by Organization of Petroleum Exporting Countries, OPEC, to cut members’ oil output by about 740,000 barrels per day by November 2016 to stabilize prices.
In September, OPEC producers agreed during the informal meeting in Algiers to cut down the oil output to 32.5 million barrels per day (bpd) from current production of 33.24 million bpd.
How much each country will produce is to be decided at the next formal meeting of OPEC in November.