• Wednesday, February 28, 2024
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Indigenous Petroleum producers project 30% increase in oil output

crude_oil

The Independent Petroleum Producers Group (IPPG), comprising indigenous oil companies, Wednesday projected a 30% increase in local production of Nigeria’s total crude oil output by 2020, after talks with President Muhammadu Buhari and projected a 30% increase in local production of Nigeria’s total crude oil output by 2020.

Nigeria currently produces about 2million barrels of per day, with Indigenous companies accounting for about 200,000barrels per day or 10%.

Austin Avuru, Chief Executive Officer of Seplat who spoke on behalf of the group, said as part of the discussions with the President, it estimates that local refining capacity will reach 1.2million barrels per day, by year 2020, driven largely by local oil companies.

“That is 10% today. Just in the past five years, up from near zero, and we anticipate that in the next 5years by 2020 we will account for 30 % production of about 3million barrels per day, that is very significant especially when in addition to that we account for half of the total gas delivery to the domestic market” he said.

 

Elizabeth Archibong