Nigeria’s crude production may rise further by additional 160,000 barrels per day (bpd) with the completion of Pan Ocean Oil Corporation Nigeria Limited’s three oil and gas infrastructure. Although Federal Government key assumptions and micro-framework for the 2019 budget is based on a projection of 2.3 million bpd oil production, oil price benchmark of $60/b and exchange rate of N305 to the dollar, the country’s crude production remains below 2million bpd. Secondary sources say Nigeria recorded 1.73m bpd last month, while S&P Global Platts survey puts the nation’s output at 1.84m bpd from 1.88m in February. With the technical operations and unveiling of three newly completed projects of Pan Ocean Oil Corporation scheduled for June, the country’s crude production is expected to improve, except Organisation of the Petroleum Exporting Countries (OPEC) revises output next month. The projects to be unveiled are, the Amukpe-Escravos Pipeline Project (AEPP), Ovade-Ogharefe Gas Processing […]