Nigeria’s deepwater oil field, Egina, achieved first oil production late on Saturday, raising the country’s daily oil production above 2.09 million barrels in December 2018, the Nigerian National Petroleum Corporation has announced.

With the Organization of Petroleum Exporting Countries (OPEC) latest output cut resolution taking effect Tuesday, January 1, Nigeria’s daily oil production should now been reduced to 1.71 million barrels. On December 9, OPEC resolved to cut 2.5 per cent, or about 800,000 barrels from its October 2018 production levels, to boost crude oil prices and stabilize the international oil market.

The decision cut Nigeria’s output further by about 43,775 barrels, from about 1.751 million barrels last October. But, both the Minister of State for Petroleum Resources, Ibe Kachikwu, and Nigeria’s representative in OPEC, Mele Kyari, expressed optimism Nigeria’s projected daily oil output of 2.3 million barrels in the 2019 budget was still achievable.

Both officials based their optimism on the 200,000 daily oil production expected from the Egina oil field and another 500,000 barrels of condensate, which is usually factored into the OPEC oil production calculation figures. Mr Kyari, who is also the General Manager, Crude Oil marketing Department of NNPC, said when added to the current daily oil production of 1.71 million barrels, it would be sufficient for Nigeria to meet its projected 2.3 million barrels oil output target.

Source: Premium Times