The GMD of NNPC, Mele Kyari has said that Nigeria’s current daily oil production overcomplies with its promised cuts under an agreement among major oil producers.
The NNPC chief said this during a Zoom call organised by the Atlantic Council that if all countries that are part of the OPEC and 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.
He also that 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 initially and they are taking a new approach to fix the nation’s ailing refineries.