The Nigerian National Petroleum Co-Operation says it expects Nigeria’s oil out put to improve by 200, 000 barrels per day in 2018.
Speaking during the Load out Ceremony of the UFR for the Egina project by Saipem Contracting Nigeria Limited, in Port Harcourt, Group Managing Director of the NNPC, Maikanti Baru said the commissioning of the Umbilical Flow-lines and Risers (UFR) for the Egina Deep Offshore Project will help improve Nigeria’s oil output
Baru disclosed that the module will guarantee the drilling of the first oil from the 200, 000 barrels per day Egina field by the first quarter of 2018
Nigeria was Africa’s largest economy and its top oil producer, but its public finances have suffered as the price of crude oil dropped around the world.
The economic crisis has also worsened due to attacks on the country’s pipelines by a militant group known as the Niger Delta Avengers.
Nigeria’s 2016 budget assumes oil production of 2.2 million barrels per day at 38 dollars a barrel.
However that target has been rarely been met due to consistent attacks on oil installations in the Niger Delta region.
The attack by militants had driven oil production to around 700,000 bpd.