Nigeria eyes 1.83m daily crude oil peoduction

Nigeria has set January 31, 2019 target to scale up oil production to 1.83 million barrels per day.
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who stated this in a document sighted by New Telegraph at the weekend, premised the new target on surge in production at the Egina oil field.
The country, Kachikwu said, was currently producing 1.78 million barrels of crude oil per day (bpd).

He added that the West African country was expecting output from Egina field to reach 150,000 bpd by the end of month, which could boost total production.
The Federal Government under President Muhamamdu Buhari, he said, earned $94 billion as proceeds from crude oil sales in the past three years.

With this, the administration, Kachikwu said, had been able to embark on the completion of more infrastructure projects and achieve more with less funds.

This, he maintained, was achieved because of the president’s honesty and the seriousness of the administration to improve the country’s fortunes.

Like Kachikwu, the Vice President, Professor Yemi Osinbajo, had in a comparative analysis between the Buhari administration and former President Goodluck Jonathan’s, said while the previous administration earned about $393 billion in three years, less was achieved despite the huge income.

He assured that the administration would continue to develop more infrastructure nationwide, and support Nigerians.

Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC) had earlier said that Nigeria’s oil production rose to 1.71 million barrels a day, bpd, in August, 2018.

The figure, according to OPECs monthly oil market report for September, puts the country’s July production at 1.53 million bpd.

US President, Donald Trump’s administration says it encourages big oil-producing countries to keep output high as United States Energy Secretary, Rick Perry, met Saudi Energy minister, Khalid al-Falih, in Washington.
Perry was scheduled to also meet with Russian Energy minister, Alexander Novak, in Moscow.

Russia, the United States and Saudi Arabia are the world’s three biggest oil producers by far, meeting around a third of the world’s nearly 100 million barrels per day (bpd) of crude consumption.

Novak said that Russia and a group of producers around the Middle East dominated OPEC, and may sign a new long-term cooperation deal , the TASS news agency reported.

SOURCE: newtelehraphng.com