In a bid to augment the impact of the oil output cut from the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, Nigeria is looking to increase its gas and condensate production.
it should be known that Nigeria is has an abundant gas reserve.
The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, made this known during the virtual Gulf Intelligence “Global” UAE Energy Forum 2021.
According to Kyari the current production of condensate in the country is at between 270,000 and 350,000 barrels per day (bpd).
Condensate is an extremely light form of oil, this is because it gaseous at reservoir or sub-surface condition but liquid at the surface.
The NNPC boss said global oil demand would not return to pre-COVID-19 levels until the end of 2022.
The road ahead is tough and difficult. What is obvious today is that demand will pick up, not to levels that we expect
I do not see demand coming back to the pre-COVID level earlier than the end of 2022 because several things are going on today; new habits have come up.
There are habits that people won’t change any more. I see a clear decline particularly in transportation fuel consumptionMallam Mele Kyari
while speaking, he stated that although the country will commit to the oil output cut by OPEC, measures will be put in place to ensure that the market is stabilized.
The NNPC boss was optimistic that oil prices will graudually pick up after 2021.
although Oil prices increased in recent times.
But for now they will attempt to manage the resources by producing more condensate which is not limited by OPEC.
What we are doing differently is to increase our sources of condensate supply, which is not curtailed by the OPEC cuts. We are looking at new assets that can produce more condensate into the marketMallam Mele Kyari
Featured image : Khalifah