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UPDATE 2-Nigeria's daily oil output overfull OPEC+ deal -Kyari

Published 12/06/2020, 18:45
Updated 12/06/2020, 18:48
© Reuters.

(Adds company names, quote)
By Libby George
LAGOS, June 12 (Reuters) - 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.
NNPC chief Mele Kyari also said during a Zoom call organised
by the Atlantic Council that if all countries that are part of
the OPEC+ deal complied, there would be no need to extend the
agreement into August.
Kyari said that 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.
"Our actual daily production indicates we're in an
overconforming situation," he said.
Kyari said NNPC is also 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 also said 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 KBR.N 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. But Kyari said he was
confident they could get them up and running again. "We have a new framework," he said of the refinery projects.
"This will enable others to help us."

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