Oil installations in Nigeria

Nigeria to up oil production

ABUJA, November 11, 2016 – Nigeria’s Federal Ministry of Petroleum Resources hopes to attract private investors in an effort to increase domestic output, it said on Thursday, adding that policies facilitating investment were in the making.

 

In a paper, the ministry outlined a short-term goal of an increasing production by 500,000 bopd in production by 2020, possibly raising it above the 2.5-million-bopd mark. Last week, Minister of State Emmanuel Ibe Kachikwu said Nigeria’s production had recovered to 2.1 million bopd.

“The philosophy of the action plan for the Petroleum Policy is for the government to put the legislative and commercial framework in place and then let the market develop by itself,” the paper,” the paper seen by Reuters read. Additional plans include splitting the Nigeria National Petroleum Corporation.

Read our latest insights on: