November 13, 2018 / 9:42 AM / a month ago

UPDATE 1-NNPC says Nigeria will raise oil production to 1.8 mln bpd in 2019

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ABU DHABI, Nov 13 (Reuters) - Nigeria will increase its oil production to 1.8 million barrels per day in 2019 and raise condensate production to 0.5 million bpd, the managing director of Nigerian state oil firm NNPC said on Tuesday.

Nigeria currently produces 1.6 million bpd of oil and 0.4 million bpd of condensate, Maikanti Baru told Reuters.

NNPC is in the final stages of talks with consortiums including top traders, energy majors and oil services companies to revamp its long-neglected oil refineries in an effort to reduce its reliance on imported fuel. Baru said he expected deals to be signed this month.

“We are on it and we’re almost done,” he said.

He added that NNPC could also sign crude-for-product deals with Shell and ExxonMobil, similar to the one signed with BP on Nov. 1, if they showed interest.

NNPC imports about 70 percent of Nigeria’s fuel needs, mainly gasoline, via swap contracts. It has contracts, known as direct sale direct purchase agreements, with 10 consortiums that include trading houses Vitol, Trafigura, Mercuria and Total.

Reporting by Tuqa Khalid; Editing by Dale Hudson and Kirsten Donovan

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