Daily Oil In Nigeria Output OPEC+ Deal Excessive -Kyari

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NNPC Group Managing Director Mele Kyari said that
Nigeria’s current daily oil production overcomplies with its promised cuts under an agreement among major oil producers, the head of the state oil company said on Friday.

He made this known to newsmen during Nigerian International Petroleum Summit in Abuja, on Friday 10, 2020 through
Zoom call by Atlantic Council on friday 10 June 2020.

He revealed that, if all countries that are part of the OPEC+ deal complied, there would be no need to extend the agreement into August.

According to kyari ,Nigeria, Africa’s largest oil exporter, had not complied completely with its promised cuts in past months, but that its current reductions would ensure that it had made up for that by July.

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“Our actual daily production indicates we’re in an overconforming situation,” he said.

“We have a new framework,” he said of the refinery projects. “This will enable others to help us.”
“Iam working to ensure that Nigeria can stop importing fuels within three years.The government is aiming to make a final investment decision on building a condensate splitter, a simple refinery that can process extra-light crude, by July. It will have a capacity of 50,000 barrels per day (bpd) initially, rising to 200,000 bpd.he said.

He stated that ,they are taking a new approach to fixing the nation’s ailing refineries, and would seek partnerships with private companies to finance, fix and run them.

Kyari added that, Nigeria is in conversations with U.S. companies including Bechtel and KBR regarding potential projects including oil refineries, pipelines and gas projects.

“Efforts to revamp the refineries have failed for years, and NNPC shut them down entirely in April.(outlook media).