Kachikwu: Nigeria’s Crude Oil Production Now 1.8mbpd

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Chineme Okafor in Abuja

Nigeria’s daily crude oil production is now about 1.8 million barrels per day (mbpd), the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Thursday disclosed in Abuja.

Speaking during the presentation of his score card for 2016, Kachikwu said the mild peace in the Niger Delta region had seen crude oil production in the country gradually growing from 1.3mbpd to about 1.8mbpd.

He also said the country’s daily domestic petrol consumption was now about 28 million litres, down from the often stated daily consumption of 40 million litres daily. This, he said, was achieved from the government’s partial deregulation of the downstream petroleum sector which he also noted would be concluded in 2017.

Kachikwu also disclosed that the government would Friday sign off agreements to exit Joint Venture (JV) Cash Call funding with five International Oil Companies (IOCs) – Shell Petroleum Developemt Company (SPDC), ExxonMobil, Chevron, Nigeria Agip Oil Company (NAOC), and Total.

More to follow…