Nigeria Seeks 25% Boost in OPEC Quota by 2027 – NNPC
Nigeria is set to push for a 25% increase in its oil production quota by 2027, citing growth in refinery capacity and improved production, according to the Nigerian National Petroleum Company Limited (NNPC).
The state-owned oil company, led by Group Chief Executive Officer Bashir Ojulari, aims to raise its crude oil production quota from the current 1.5 million barrels per day (bpd) to 2 million bpd, as reported by Argus Media.
Ojulari stated that Nigeria’s current production is slightly below the quota at around 1.4 million bpd, with condensate production adding another 250,000 bpd, bringing the total output to approximately 1.65 million bpd.
The NNPC is targeting a capacity of 2.4 million bpd and production of 2 million bpd by 2027, with 1.7 million bpd being crude and 300,000 bpd being condensate.
The push for a higher quota comes as the OPEC+ group embarks on a new campaign to update and refresh each member country’s maximum sustainable production capacity.
Nigeria has previously struggled to meet its existing targets due to infrastructure and operational issues, but with these issues largely resolved, the country is looking to make a renewed attempt to argue its case for a higher quota.
According to Ojulari, the recent commissioning of the 650,000 bpd Dangote refinery and the addition of 500,000 bpd of modular refining capacity at different stages of progress will significantly increase Nigeria’s refining capacity. “We believe that with the increased demand being created in-country, we are now in a better position to also seek from OPEC to increase our production quota,” Ojulari said, as quoted by Argus Media.
The NNPC is hopeful that its request for a 25% increase in production quota will be granted, with Ojulari stating that the outcome will depend on the success of their discussions with OPEC. Argus Media, a London-based independent provider of market intelligence and price benchmarks for global commodity and energy markets, reported on the NNPC’s plans to push for a higher quota. #Nigeria Seeks 25% Boost in OPEC Quota by 2027 – NNPC#
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