Nigeria sees oil output rising LAGOS

Nigeria expects its oil production to be close to three million barrels per day by the end of this year, resources minister Edmund Daukoru said in a document seen yesterday by AFP, signalling a rise in output.

“Key production projects in deep offshore areas of the Niger delta are expected to raise production by 500 000 barrels per day by the third quarter of 2006,” Daukoru said in a paper entitled ‘Nigeria’s role in global energy balance’. The current level of Nigerian crude output, barring losses in the delta region, is estimated at 2,6 million bpd, but London analysts say it is has been reduced by around 675 000, or 26 per cent, by rebel attacks and a pipeline leak.Nigeria is the leading African oil producer and the sixth-biggest exporter in the world.”Nigeria is positioned to play an important role in Opec’s effort to keep the international market well supplied in 2006 under normal conditions,” Daukoru recently told a sector conference in Abuja.The country currently presides over the Organisation of Petroleum Exporting Countries.Its oil minister also estimated global oil demand would increase by 1,4 million bpd to reach 84,5 million.The ministry document put current Nigerian output at 2,47 million bpd.In its May publication however, the Central Bank of Nigeria said production of oil and natural gas came to 2,29 million bpd in May, up from 2,15 million in April.The central bank also said that daily exports came to 1,84 million barrels, for a monthly total of 57,04 million.Nampa-AFPThe current level of Nigerian crude output, barring losses in the delta region, is estimated at 2,6 million bpd, but London analysts say it is has been reduced by around 675 000, or 26 per cent, by rebel attacks and a pipeline leak.Nigeria is the leading African oil producer and the sixth-biggest exporter in the world.”Nigeria is positioned to play an important role in Opec’s effort to keep the international market well supplied in 2006 under normal conditions,” Daukoru recently told a sector conference in Abuja.The country currently presides over the Organisation of Petroleum Exporting Countries.Its oil minister also estimated global oil demand would increase by 1,4 million bpd to reach 84,5 million.The ministry document put current Nigerian output at 2,47 million bpd.In its May publication however, the Central Bank of Nigeria said production of oil and natural gas came to 2,29 million bpd in May, up from 2,15 million in April.The central bank also said that daily exports came to 1,84 million barrels, for a monthly total of 57,04 million.Nampa-AFP