Business
Nigeria now 300,000bpd short of budget benchmark
Nigeria’s crude oil output has risen to 1.9 million barrels per day (bpd) the Minister of State for Petroleum Resources, Ibe Kachikwu, has said.
This is however still 300, 000 bpd short of the 2016 budgetary benchmark of 2.2 million barrels per day of the Federal Government.
Kachikwu, who also disclosed that the Federal Government would pay its $5.1 billion Joint Venture Cash call arrears owed International Oil Companies, IOCs, within five years, stated this at the inaugural meeting of the National Council for Hydrocarbon in Abuja.
It would be recalled that Nigeria’s oil output had suffered in recent times due to the activities Niger Delta Militants, making it to drop an all time low of 900,000 barrels per day.
Read also: CBN snub experts, retain high interest rate
According to Kachikwu, the attack on Forcados pipeline had serious impact on the nation’s crude oil output. He however said the situation is addressed.
He said: “In terms of crude oil output, we are still not where we should be. These days, I am always conscious about giving figures so that I do not attract attention unnecessarily.
“Obviously, the Forcados incident did impact us. My guess is that we are moving closer to 1.9 million barrels per day at this point. We are still managing the issue.”
On the Joint Venture Cash call debt settlement, Kachikwu said the five years payment timeline was one of the concessions the IOCs gave the country, aside the $1.7 billion discount.
By Timothy Enietan-Matthews…
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JOHNSON PETER
November 23, 2016 at 12:41 pm
Government should settle us the Niger Delta so we can stop destroying oil installation .
Johnson Amadi
November 23, 2016 at 6:05 pm
There’s nothing to settle, all of you have been brainwashed. You don’t know what you are fighting for anymore. You all need to have a rethink, ask yourselves… are you destroyers or promoters of peace.
Amarachi Okoye
November 24, 2016 at 6:18 am
There is no settlement with the Niger Delta beside the oil they are destroying will affect them too.
yanju omotodun
November 23, 2016 at 12:54 pm
kachukwu is part of the ministers BUhari will drop next year so we have a better person to oversee the oil sector. probably this time around, Baba buhari will appoint a man from the south south to fit in to the position so that this can clamp down the activities of the avengers as their person will be there to oversee their oil.
Joy Madu
November 24, 2016 at 6:27 am
Story if buhari like he should put the south south in set that wil not stop the millants from destroying the oil sector
Margret Dickson
November 23, 2016 at 5:10 pm
Kachikwu won’t stop blaming the militants for his incapability, we are all aware of the militants bombing pipelines, but it is a very bad excuse, especially when he’s not doing anything concrete to curb the militants.
Roland Uchendu Pele
November 24, 2016 at 9:46 am
Kachikwu is always complaining.