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Egina stream will fall outside OPEC pact- NNPC

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The Nigerian National Petroleum Corporation, NNPC has reportedly indicated that output from the new ultra-deepwater Egina field would be classified as condensate and not oil.

According to NNPC Managing Director, Maikanti Baru, the development is not to frustrate efforts for Nigeria to cut output in line with an agreed quota but rather to ensure it is able to keep the quota as agreed.

However, Nigeria would still conform to an OPEC led production cut, Reuters reported.

Baru further revealed that the country’s current oil production stands at about 1.8 million barrels per day, plus around 400,000 to 500,000 bpd of condensates.

The Egina field was discovered in 2003 and is located at water depths of between 1,400 and 1,700 meters, 200 kilometers offshore from Port Harcourt.

It is operated by Total, which has a 24% stake, in partnership with NNPC, CNOOC, Sapetro and Petrobras.

Source Reuters
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