Nigeria: expected increase in oil production in 2019

Nigeria holds the continent's largest crude reserves, with 37 billion barrels of proven oil reserves and 5,500 billion cubic meters of gas.

Nigeria’s state-owned petroleum company NNPC is targeting 2.3 million barrels a day in 2019, compared with 1.7 million currently, according to Malam Mele Kyari, head of crude oil marketing.

According to the company, this is an objective “born of the willingness of the Organization of the Petroleum Exporting Countries (OPEC) to balance the market, since oil prices have reached their highest level in the world. four years “.

Note that the fall in the price of a barrel, late 2014, had plunged the country into a recession that is not over, despite the improvement announced with the rise of prices.

Africa’s leading oil producer, Nigeria has the continent’s largest crude oil reserves (37 billion barrels of proven oil, and 5,500 billion cubic meters of gas). But the exploitation of hydrocarbons represents only 10% of the national wealth, half of tax revenues against 90% of exports.

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