Nigeria increased its ranking as it emerges as the third-biggest oil supplier to India in July, replacing Venezuela, which slid to number four.
India imported about 4.6 million barrels per day in July, a growth of about 1.5 per cent from a year earlier, according to data from shipping and industry sources.
Iraq continued to be the top seller to the world’s third-biggest oil consumer followed by Saudi Arabia, the data showed, according to Reuters.
The Middle East’s share in declined to about 56 per cent from about 60 per cent a year ago, while that of African oil grades, led by higher shipments of Nigerian oil, rose to 20 per cent from about 18.5 per cent.
Meanwhile, Chairman/Managing Director, ExxonMobil Affiliate Companies in Nigeria- Paul McGrath, who spoke in Lagos, said the Federal Government needed to address some issues in the petroleum industry to achieve major breakthroughs in the industry.
McGrath, also the Chairman, Oil Producer Trade Section (OPTS), Lagos Chamber of Commerce and Industry (LCCI), revealed that targets such as increased investment inflow, increased oil reserves and daily production as well as sufficient in-country refining and domestic gas utilisation, may remain wishful thinking if issues drawing back the industry are not addressed.
He described the country as the largest oil producer in Africa and with hydrocarbon prospects among the most illustrious in the world. “However, there are fixes to be put in place if it aspires to maintain and expand the investment profile in the hydrocarbon industry,” he added.
“Nigeria ranks among the top 10 countries with the highest cost of producing oil per barrel and its equivalent in gas. The high cost is a major disincentive to investment, especially at this time of considerable global competitiveness. Operating costs are increasing due to attendant increase in required maintenance and well work-overs. Security costs are escalating as peculiarities of the business environment require additional resources to be deployed to secure our people and assets,” he said.
The Nigerian National Petroleum Corporation (NNPC) also said it would grow the country’s crude oil reserves to 40 billion barrels by 2025 from 37 billion barrels.
NNPC’s Group Managing Director- Mallam Mele Kyari, spoke at a conference with the theme: Harnessing the oil and gas potential for national development.
Kyari also said the Corporation will grow oil production to three million barrels per day (BPD) from the current 2.2 million BPD by the same period.
Represented by the Corporation’s Chief Financial Officer, Mr Umar Isa Ajiya, the GMD said the achievement of these targets by 2025 was part of efforts to optimise the potential of the petroleum industry for accelerated economic development.
He said: “From the NNPC’s point of view, we are working with our partners to grow the national reserves to 40 billion barrels by 2025 and further improve crude oil production to three million barrels per day during the period. To achieve these targets, we are not oblivious of the fact that huge investment is required across the value chain.
