CURRENT SITUATION OF CRUDE OIL PRODUCTION IN NIGERIA
The Minister of State for Petroleum Resources, Mr. Emmanuel Ibe Kachikwu, stated that Nigeria’s crude oil output is about 1.9 million barrels per day following the militant attacks on oil facilities in the country.
During the inaugural meeting of the National Council for Hydrocarbons in Abuja, Kachikwu said that the vandalism of the Forcados pipeline negatively impacted the country’s crude oil output. He also noted that the issue was currently being addressed.
He said that the Forcados incident impacted us but his guess is that Nigeria is moving closer to 1.9 million barrels per day at this point. He also stated that this issue is being managed. Kachikwu disclosed that the country would pay the $5.1 billion Joint Venture Cash call arrears owed International Oil Companies (IOCs), within a five-year time frame.