Nigeria's crude oil output witnesses a significant change as it has risen to around 1.9 million barrels per day.
Minister of State for Petroleum Resources, Mr. Ibe Kachikwu
The Minister of State for Petroleum Resources, Mr. Ibe Kachikwu
yesterday revealed that Nigeria’s crude oil output had risen to around
1.9 million barrels per day.
Due to the activities of vandals and militants in the Niger Delta,
Nigeria’s crude oil output had dropped to as low as around 900,000
barrels per day, a far cry from the 2.2 million barrels per day
benchmark in the 2016 budget.
While speaking during the inaugural meeting of the National Council
for Hydrocarbon in Abuja, Kachikwu stated that the vandalism of the
Forcados pipeline negatively impacted on the country’s crude oil output,
noting that the issue was currently being addressed.
He said: “In terms of crude oil output, we are still not where
we should be. These days, I am always conscious about giving figures so
that I do not attract attention unnecessarily.
“Obviously, the Forcados incident did impact us. My guess is
that we are moving closer to 1.9 million barrels per day at this point.
We are still managing the issue.”
Kachikwu further disclosed that Kachikwu the country would pay the
$5.1 billion Joint Venture Cash call arrears owed International Oil
Companies, IOCs, within a five-year time frame.
Commenting on the five-year repayment period for the Joint Venture
Cash Calls arrears, Kachikwu said the repayment time line was part of
the concessions Nigeria got from the IOCs, while he added that the
country was able to secure a discount of $1.7 billion from the
negotiations with the IOCs.
He further stated that the National Council on Hydrocarbon, which
was approved by President Muhammadu Buhari would function as an advisory
body and would contribute ideas that would be used in policy
formulation in the petroleum industry.
He said: “Everybody is invited to participate in that; we
create ideas so that we use the ideas to formulate policies. This is the
first time it is happening. I think it is a fantastic thing and it is
all part of the whole process of getting everybody involved, especially
people from the oil-producing communities.”
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