Business Monitor International, BMI, has foreseen a positive leap in Nigeria’s oil production by 2.52 million barrels per day, b/d, in 2018, up from 2. 31 million, b/d, in 2016.
The report attributed the rebound to what it called ‘sanctioned projects’ initiated in the industry, in spite of the incessant pipeline bombings by militants in the Niger Delta region of the country.
BMI risk analysis and forecasts, market research on leading industries, and multinational company research is relied upon by corporate bodies, banks, government departments and multilateral organisations in over 125 countries around the world.
According to the report, while there have been some notable reforms to the Nigeria National Petroleum Corporation, NNPC, there is still a long way to go in order to create a transparent and profitable company that encourages investment and helps Nigeria reach its hydrocarbon potential.
For refined products consumption and ethanol, it sees an upward increase to 318.3, 000 barrels per day, b/d in 2016; 324.7-2017; 334.4-2018; 344.4- 2019 and 354.7 in 2020.
Also, refined products production, is expected to meet its fortune, as it recorded a leap of 87.6 in 2016, as against 21.4 in 2015. It is expected to further increase to 92.0- 2017; 96.6- 2018; 434.5- 2019 and 695.2 in 2020.
The report said that anti-flaring initiatives have successfully reduced the percentage of produced gas that is flared from 20 percent in 2013 to half of that in 2015.
