Nigeria targets 2.5m to 3m b/d crude production in 2 years

Nigeria’s government is targeting crude production of 2.5million to 3million barrels per day in the next two years if the Organisation of Petroleum Exporter Countries (OPEC) environment rules permit.

This was stated by the Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, while briefing journalists on the approved National Oil Policy. The Federal Executive Council during its meeting Wednesday at the State House Abuja, approved the National Oil Policy that will drive the reorganisation of the sector.

According to Kachikwu “We targeting to recover our full barrels. We are working hard at it. Over a longer time and provided OPEC environment permits, I think I see a potential to be between 2.5m and 3m barrels a day if the OPEC rules allow me to do that. But again we are all looking at market flows this year and the whole of the pricing challenges that go with how much we pump into this market”.

Highlights of the new policy includes exiting refined petroleum products imports by 2019, ending of oil JV cash call issues by enabling the JVs to self fund thru incremental production volumes.
Others are the Reorganisation in NNPC and in the oil industry to aide efficiency. The policy also seeks to address security concerns in the Niger Delta “and what we need to do as a government to focus on consistency and stability in the sector to ensure that oil production continues”.

 

More details shortly…..

 

ELIZABETH ARCHIBONG