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The Nigerian National Petroleum Corporation (NNPC) has said it is now focusing on condensates, which are excluded from April 2020 production cuts announced by the Organisation of Petroleum Exporting Countries (OPEC), to curtail the crude oil supply glut and boost the government’s revenue. The Group Managing Director of the NNPC, Mallam Mele Kyari, who spoke during a virtual “Gulf Intelligence Global UAE Energy Forum, 2021,” also explained that the decision by the cartel to compel members and allies to cut production has negatively affected the government’s revenues. However, he stated that the curtailment of crude oil production is in the best interest of the oil market and reiterated the commitment of Nigeria to abide by the output cut agreement, aimed at stabilising the global oil market. He said as of November 2020, Nigeria had actually “over-complied.” On the country’s renewed focus on gas and condensates for revenue generation, he said the country’s plants now produce between 250,000 and 350,000 barrels of condensates daily, while projects to rev up gas production are in the offing. OPEC had on several occasions given deadlines to Nigeria and other countries which failed to comply with the cuts to do so or present a detailed ...
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