Nigeria’s oil output rises to 1.9mbd —Kachikwu

  |   Nigeria News

Due to the activities of vandals and militants in the Niger Delta, Nigeria's crude oil output had dropped to as low as around 900,000 barrels per day, a far cry from the 2.2 million barrels per day benchmark in the 2016 budget.

Speaking during the inaugural meeting of the National Council for Hydrocarbon in Abuja, Kachikwu stated that the vandalism of the Forcados pipeline negatively impacted on the country's crude oil output, noting that the issue was currently being addressed.

Commenting on the five-year repayment period for the Joint Venture Cash Calls arrears, Kachikwu said the repayment time line was part of the concessions Nigeria got from the IOCs, while he added that the country was able to secure a discount of $1.7 billion from the negotiations with the IOCs

To read full article - https://goo.gl/9R3Q2i