Nigeria targets 2.1m bpd crude oil output in Jan – Kachikwu

Minister of State for Petroleum, Dr Ibe Kachikwu
Minister of State for Petroleum, Dr Ibe Kachikwu

Minister of State for Petroleum Resources Dr. Emmanuel Ibe Kachikwu yesterday said Nigeria hopes to boost its oil production to 2.1 million barrels per day next month.

Kachikwu disclosed this while speaking at a Bloomberg Markets Summit in Abu Dhabi, reports Reuters.

The latest revelation is coming on the heels of a previous statement from the ministry on Monday which said Nigeria’s output is at 1.9 million bpd with all three of its main fields online.

Meanwhile, the Nigerian National Petroleum Corporation (NNPC) yesterday outlined a detailed proposal to help the National Assembly fine-tune its deliberation on the draft Petroleum Industry Governance and Institutional Framework law, PIGIF which is currently before it for legislative action.

In a presentation at the public hearing organised by the Joint Senate Committee on the Petroleum Industry Governance Bill, Group Managing Director of the NNPC, Dr. Maikanti Baru, said that though the Corporation is in support of the decision to present the Governance and Institutional Framework as a separate legislation from the Fiscal and Commercial Framework, the prevailing international and domestic business environment makes it imperative to undertake certain revisions to the 2015 Bill as proposed to align it with best international practices.

The NNPC GMD noted that to enhance transparency in the proposed Nigeria Petroleum Company, NPC, which is being mulled as the successor company of the NNPC, should be mandated to publish annually a detailed report on all petroleum revenue payments made to government.

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