Over $10 billion is required to boost crude oil production in Nigeria’s oil and gas industry from 2.2 million barrels per day to 3 million bpd.
The Minister of State for Petroleum Resources, Ibe Kachikwu, made this known at Organisation of the Petroleum Exporting Countries briefing.
Kachikwu said the fields online will require an average of about $10 billion per year in investments over the next three to four years.
He emphasized refining direct purchase agreements introduced last year.
Advertisement
Managing Director, Nigerian National Petroleum Corporation, Maikati Baru,said pipelines, average national production is expected to grow and surpass the 2017 target of 2.2 million barrels of oil and condensate per day.
Related posts:
Nigeria’s crude oil production recorded nine per cent increase in 2018
ICRC says Nigeria requires $100b for Infrastructure development
Nigeria requires $50bn investment to boost aviation sector – Expert
Nigeria will start refining oil before 2019 – Kachikwu
Nigeria lost $60bn to non-enforcement of PSCs with Oil majors – Kachikwu
Nigeria not ready for oil output cut – Kachikwu
Drone attacks on Saudi oil facilities could increase oil prices-Experts
February APC National Convention requires no consultation – DG PGF
