26 September 2018 : Oil prices have hit a record high in four years; Consequently, the Organization of the Petroleum Exporting Countries (OPEC) will seek to stabilize the market, as the high prices will affect the demand. 

Unfortunately, its options are quite limited with respect to available spare capacity.

Oil prices skyrocketed this week fueled by the uncertainty over the global supply outlook after U.S. imposed sanctions on Iran’s oil exports coupled with  Saudi Arabia and Russia refusing any immediate boost to output.

Therefore, Nigeria has planned to increase its crude oil, condensate output by 100,000 barrels per day by the end of this year, up from about 2 million bpd currently.

The country is presently producing about 1.7 million bpd of crude oil and the nation is aiming for an average output of 2.3 million bpd by 2019, by increasing output from existing fields along with starting new production from an ultra deepwater field.

This deepwater field is located about 130 km off Nigeria’s coast at water depths of more than 1,500 meters. This Egina oilfield is expected to start production in December and its output could peak at a whopping 200,000 bpd.

The crude has an API gravity of 27.3 degrees and has a sulfur content of 0.165%, a provisional crude assay from Total showed.The grade has a higher yield of gas oil and vacuum distillates compared with other products, according to the assay.

Reporting for EasyKobo on Wednesday , 26 September 2018 in Lagos, Nigeria