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.
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