According to Bloomberg on April 26, Nigeria National Petroleum Corporation General Manager Baru said that Nigeria plans to increase crude oil production to 4 million barrels a day by 2025 and oil refining to 1.5 million barrels a day. This ambitious goal is to double and double current capacity, respectively.
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Nigeria’s crude oil production has been close to a historical high of 2.5 million barrels per day, but due to old equipment, theft and destruction, the current output is only 2.2 million barrels. Similarly, due to poor management, the four state-owned refineries in Nepal are far below the design capacity of 445,000 barrels per day. The world’s largest single refinery invested by Dangert, Africa’s richest man, is being built near Lagos. It is expected to refine 650,000 barrels a day after commissioning, which will help improve Nigeria’s domestic oil production situation.
| PVA 1799 (PVA BF17) |