NNPC: Nigeria output at 2 million bopd

ABUJA, May 3, 2017 – Nigeria’s oil production level has recovered to 2 million bopd, Nigerian National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru said late on Tuesday.

Speaking to reporters in Abuja following a meeting with President Muhammadu Buhari, Bari said the relative calm across the Niger Delta had facilitated the increase in output.

In related new on Wednesday, the NNPC official representing Bari at the the Offshore Technology Conference in Houston, Saidu Mohammed said that the company had courted Chevron and Total to construct power plants at Obite and Agura.

Also present in Houston, Minister of State for Petroleum Resources Emmanuel Kachikwu said the country had begun repaying IOCs its cash call debt over 2016, but stressed that this was a separate repayment scheme from the USD 5.1-billion settlement with Chevron, Eni, ExxonMobil, Shell and Total on exploration and production costs.

“We eventually agreed to pay several tranches; $400m out of that for the first tranche and then, the remaining $700m paid in monthly instalments for a period of one year. In other words, that will roughly be about $60m or $70m every month after the first $400m,” the minister said.

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