Despite Militancy, Oil Output Has Increased To 1.7BPD: Kachikwu

oilThe Minister of State for Petroleum Resources, Nigeria. Dr. Emmanuel Ibe Kachikwu

Oil Output Has Increased Despite Militancy

Despite calculated attacks by some militants, Nigeria’s oil production has increased from a daily average of 1,570,852 barrels per day in the last three weeks to a current week production of 1,752,536bpd, recording additional 181,684 barrels per day, Minister of State for Petroleum, Dr. Ibe Kachukwu has said.

The Minister, who gave the figure at the Presidential Quarterly Briefing with the Private Sector Stakeholders at the State House on Monday, attributed the increased output to current ceasefire efforts his office initiated with traditional rulers and leaders in the Niger Delta.

Kachukwu said that with sustained peace in the Niger Delta it would be possible to grow production to N1.8 million barrels per day by next month and reach 2 million bpd by December.

The Minister announced that in order to ensure stability in the oil sector of the economy, the Federal Government would work with the National Assembly to fast-track the passage of the Petroleum Industry Reform Bill, PIB, which has been facing difficulty of passage since the previous National Assembly.

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Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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