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Nigeria’s crude and condensate production stood at 2.25 million barrels per day on Tuesday, while 254 companies submitted bids for the sale and purchase of the country’s crude oil grades for the 2018/2019 Crude Term Contract.
According to the Nigerian National Petroleum Corporation, about 40 cargoes of crude volumes will be offered monthly to winners of the term contract, adding that the number of bidders increased by 30 when compared to the 2017/2018 exercise.
The Group Managing Director, NNPC, Maikanti Baru, who disclosed this on the sidelines of the bid opening ceremony in Abuja on Tuesday, also stated that the importation of Nigerian crude by the United States picked up in 2017, as opposed to what obtained a year earlier.
“For crude production without condensate, we’ve gone up significantly today. We have about 1.8 million barrels per day without condensate. If you add condensate, we produce about 2.25 million barrels per day. So there is significant improvement.”
Photo Caption: NNPC LOGO
