OREANDA-NEWS. The Nigerian government is targeting crude production of 2.5mn b/d in 2020, up from 2.2mn b/d this year and 1.8mn b/d in 2016.

The targets are contained in the government's Economic Recovery and Growth Plan (ERGP), which has been presented to potential international lenders including the World Bank. Production is targeted to grow to 2.3mn b/d in 2018 and 2.4mn b/d in 2019.

The initial target is to increase production to 2.2mn b/d "in the short term".

Nigerian crude production averaged 2.2mn b/d between 2012 and 2015, but fell to 1.8mn b/d last year because of attacks on oil and gas facilities. Production fell as low as 1.1mn b/d in August last year, the ERGP said.

The ERGP is based on average oil prices rising to $42.5/bl this year from $38/bl in 2016. It forecasts oil prices of $45/bl in 2018, $50/bl in 2019 and $52/bl in 2020.

Nigerian oil officials last week said the 250,000 b/d Forcados stream - shut in for 12 months - should return into production by April. Total is scheduled to bring its 200,000 b/d capacity Egina field onstream in mid-2018.

The ERGP also targets a reduction in refined products imports of 60pc by 2018, and for Nigeria to be a net exporter of refined products in 2020. This is based on an overhaul of the country's refining sector.

The plan also incorporates a series of reforms and new legislation in the sector.