New Delhi, Dec 7 (IANS) Nigeria is comfortable with the current prices of international crude, according to its key advisor on energy Emmanuel Egbogah.
“Oil prices are good,” said Egbogah on the sidelines of the second India-Africa conference on hydrocarbons here Monday.

The Indian basket of crude is around $77.39 a barrel.

When asked about what could be expected from the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) Dec 21-22 in Angola, he said: “The emphasis would be more on compliance of current quota for production.”

OPEC is an inter-governmental organization made up of 13 oil producing nations accounting for about two-thirds of the world’s oil reserves.

Nigeria has 35 percent of Africa’s oil reserves and is the world’s seventh largest producer.

It had an estimated 36.2 billion barrels of proven oil reserves as of January 2009 with an estimated effective daily production capacity of around 2.7 million barrels.

In his address at the conference, Egbogah also called for increased participation of Indian energy companies in Nigeria, especially in downstream sectors.

“It is my desire to see more Indian companies to be dominant in the oil industry in my country. I am impressed by Indian downstream sectors like the refinery hub at Jamnagar,” he said.

Nigeria is dependent entirely on imported petroleum products, which is subsidised by the government for domestic sale, he added.