Nigeria’s oil production hits 2.5mb/d

Nigeria’s  crude production now stands 1.8 million barrel per day without condensate, and 2.5million per day with condensate, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC) , Dr. Maikanti Baru, has said.

He spoke yesterday after chairing the opening ceremony of the 2018-2019 crude oil term contract in Abuja. 254 bids from indigenous and international companies jostling to lift the Nigerian’s crude in the 2018/2019 term contracts, were opened.

He said the winners will have to lift 14 cargoes of crude in one year, saying “the crude oil term contract was not a procurement contract, but a process of selecting partners for the sale and procurement of NNPC equity crude oil volumes.”

Om how many winners would emerge, Baru said the evaluation of the bids would take about four weeks and thereafter, there will be request for approval.
He however said that he did not know how many winners that would emerge from the exercise, stressing that “it depends on how good the submissions are.”

He said: After evaluation which will take about three to four weeks, we will get the consent. Once we get the approval we will conclude it.  I wouldn’t know how many will emerge. It depends on how good the submissions are.”

He said NNPC is taking steps to evaluate the submissions in order to ascertain the credibility of the companies and their directors, saying  the Corporation wouldn’t want its crude to enter questionable hands.