Nigeria processed in the first quarter of 2017 more crude oil than in the whole of 2015
(Ecofin Agency) - In the first quarter of 2017, Nigeria processed 10 million barrels of crude oil, against 8 million barrels and 24 million respectively for the whole of 2015 and 2016.
“Refining activities peaked at 10 million barrels of crude oil in the first quarter,” said NNPC Group Managing Director Maikanti Baru (photo) in a statement.
The official attributes this performance to peace talks with militants responsible for attacks on major oil infrastructures in the North.
The volume processed in Q1 2017 represents about 111,000 barrels per day (bpd), which is 25% of Nigeria’s capacity.
On paper, the nation has a refining capacity of 445,000 bpd but it imports most of the petroleum products that it needs as some of its four refineries have been shut while others operate at low capacity, due to vandalism, oil theft and neglect.
Agip, subsidiary of Italian Eni, and the Dangote Group however plan to build refineries in the country to boost the country’s processing capacity and meet its needs.