Saturday, 16 October 2021

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OIL PRODUCTION: Nigeria, Libya move to boost oil output in 2018

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Less than two weeks after the Organization of Petroleum Exporting Countries decision to extend oil production cuts, Libya and Nigeria, have indicated their intent to raise output in 2018.

 

While several ministers at the November 30 meeting of the OPEC suggested the two nations had joined the output-curbing deal, both are working to add to their peak production from 2018.

On Friday, oil company Total said its new Egina field offshore Nigeria was on track to start in 2018, adding 10 per cent to the country’s production.

The Nigerian petroleum ministry did not respond to a request for comment on the Egina field startup, and whether production elsewhere would be curtailed as a result.

On Saturday, the head of Libya’s United Nations-backed government met the head of Libya’s National Oil Corp  and the governor of Tripoli’s central bank to discuss how the corporation could get more cash to raise oil output next year.

 

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