General

Nigeria complied with OPEC+ Output Cuts, says NNPC Boss

Nigeria fully complied in December with limits to oil output set by OPEC and other global producers, says Mallam Mele Kolo Kyari, Head of the Nigerian National Petroleum Corporation (NNPC).

We’ve met all of our commitments as of today.

Our promise was that by the end of December we’ll be compliant in the cuts that we promised and we have done that, Mele Kyari said in a Bloomberg Television interview in Abu Dhabi.

Africa’s biggest oil producer had been promising to adhere to its obligations under a global agreement to limit oil output to help balance global markets. Nigeria’s production level had been slightly higher than the baseline for its cuts until last month.

Key Takeaways from the interview:

Market reaction to the U.S.-Iran tensions was measured

NNPC aims to complete the financing of a natural gas pipeline with China by the end of the second quarter.

Nigeria wants to build as many as 12 liquefied natural gas trains; NNPC signed agreement with international companies for train 7 in December and will award a contract for engineering, procurement and construction in the next 2-3 weeks; the company is now looking to plan train 8.

NNPC is talking with Saudi Aramco, the Saudi sovereign fund, Abu Dhabi National Oil Co. and other investors to encourage investments in Nigeria;

We think this can translate into business this year, the NNPC Boss added.

Source: Voice of Nigeria