Nigeria’s State-owned Nigerian National Petroleum Company (NNPC) chief, Mele Kyari, has announced in an online conference that current daily oil production over complies with its promised cuts in the OPEC+ agreement, according to Reuters.
“Our actual daily production indicates we are in an over conforming situation,” he said.
Kyari admitted that Nigeria had not been fully compliant with its promised cuts in the past months, but that its current reductions would ensure that it had made up for that by July. Kyari stated that if all OPEC+ members were to comply with the deal, there would be no need to extend the record cuts past July.
Kyari also announced Nigeria’s ambitions to put an end to importing fuels within three years. Thus, the Nigerian government is aiming to make a final investment decision on building a condensate splitter by the end of July. It will have a capacity of 50,000 barrels per day (bbl/d) initially, rising to 200,000 bbl/d.
Furthermore, there are plans in place to revamp ailing refineries which have witnessed years of neglect. There are plans with US companies including Bechtel and KBR regarding potential projects including oil refineries, pipelines and gas projects.
Non-compliance has been a big issue since the signing of the deal in April with other countries such as Iraq, Angola, and Kazakhstan also showing poor compliance.