Tuesday, 28 February 2017 17:33

FG officials give conflicting figures on oil production

Rate this item
(0 votes)

Nigeria's oil production has risen to 2.1 million barrels a day, managing director of state oil firm NNPC said on Tuesday, without giving an explanation for the increase.

"We are hoping that by the end of 2017 we should ramp up production to above 2.2 million barrels (per day)," Maikanti Baru told an oil conference in Abuja.

OPEC member Nigeria has given differing figures for its oil output in recent weeks.

Finance Minister Kemi Adeosun said on Thursday production was 2.2 million bpd, without giving an explanation. Vice President Yemi Osinbajo had put output at between 1.7 million bpd and 1.8 million bpd last month.

Markets have been surprised by the reported rise because a major export pipeline carrying nearly 250,000 bpd, Forcados in the restive Niger Delta, has only been open for three weeks of the past year due to militant attacks.

There has been no sign of the pipeline resuming operation.

According to a Reuters survey Nigeria's output was around 1.57 million bpd in January.

There have been no recent militant attacks on pipelines in the Delta since Osinbajo has visited the southern region to calm tensions and broker a peace agreement.

The government has been holding talks with militants to end attacks on crude pipelines, which reduced Nigeria's output by 700,000 barrels a day for several months last year.

President Muhammadu Buhari met Niger Delta leaders and representatives for the militants in November to discuss their demands. They say they want a greater share of Nigeria's oil wealth to go to the impoverished region.

Baru also said Nigeria wanted to boost oil output by 2020 to 3 million bpd and crude reserves to 40 million barrels in the same time frame, up from 37 million barrels. 

 

Reuters

November 23, 2024

NNPC not delivering quantity of crude oil agreed on, Dangote refinery says

The federal government's plan to sell crude priced in the local currency is faltering, with…
November 22, 2024

Tinubu’s borrowing spree retuning Nigeria back into debt peonage - Atiku

Former Vice President Atiku Abubakar has criticized the President Bola Tinubu-led administration for the increasing…
November 23, 2024

Do these 3 things to feel happier today—they take less than 10 minutes

Prioritizing your joy can feel like an abstract assignment that, frankly, many of us don't…
November 16, 2024

Influencer eats pig feed in extreme attempt to save money

Popular Douyin streamer Kong Yufeng recently sparked controversy in China by eating pig feed on…
November 22, 2024

FG excited as pro-Biafra agitator Simon Ekpa arrested in Finland on terrorism charges

Simon Ekpa, the controversial leader of the pro-Biafra faction Autopilot, was arrested by Finnish authorities…
November 23, 2024

What to know after Day 1003 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Putin announces mass production of Oreshnik missiles Russian President Vladimir Putin confirmed on…
November 21, 2024

Nigeria comes top in instant payment system inclusivity index in Africa

Nigeria’s instant payment system is projected to advance to the maturity inclusion spectrum ahead of…
October 27, 2024

Nigeria awarded 3-0 win over Libya after airport fiasco

Nigeria have been awarded a 3-0 victory over Libya, and three vital points, from their…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.