2.3Mln Daily Crude Oil Production Is Achievable - NNPC
Nigeria is desperately looking for ways to fund the 8 trillion-naira 2018 budget.
It hopes to generate more than half of this sum from crude oil sales and the state oil company, the Nigerian National Petroleum Corporation, understands how important it is.
The agency has given some assurance to the federal government that its 2.3 million barrels per day (bpd) crude oil production projection for the 2018 budget is achievable.
This is despite crude production currently standing at 1.88 million bpd which is equivalent to about 86% of the budgeted 2.2 million bpd.
The NNPC Group General Manager, Corporate Planning and Strategy, Bala Wunti, says the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper placed the current production capacity for the country at more than 2.3 million barrels per day.
He noted that most price forecasting agencies thought that the medium price scenario of $45 per barrel which the 2018 budget was hinged upon, has the highest probability of occurrence.
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