ABUJA—Crude oil production in Nigeria is now 2.2 million barrels per day, the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, said yesterday. Baru’s declaration came as oil prices rose yesterday, supported by strong demand for gasoline, even as rising output from Organisation of Petroleum Exporting Countries, OPEC, producers posed concerns about a persistent overhang of excess crude. Oil The NNPC boss spoke at the 6th Sustainability in the Extractive Industries conference organised by CSR-in-Action in Abuja, as the Minister of State for Petroleum Resources, Ibe Kachikwu, said there was some level of difficulty for investors to come into Nigeria. Baru, who was represented by the corporation’s Chief Operating Officer, Gas and Power, Mr. Saidu Mohammed, said the country’s crude production was building up. He said: “We are doing about 2.2 million barrels per day today, but, of course, the intention is to build on that, sustain production and grow it up to about three million barrels per day in the next few years. “We have to grow the reserves. We have had little or zero exploration for the past years, but thank God we are now renewing that. With the calmness in the Niger Delta and some of the efforts in the North-Eastern region, we have now renewed our vigour towards building the reserves. “So in that way, we have gone back to the Benue Trough and the Chad Basin. Although the Chad Basin is slightly behind, in the sense that we were about to go back when security challenges erupted. ‘’We are just waiting for the final green light for us to go back there. Again, all these are towards building the reserves, for if you build up the production to about 2.3 or 2.5 million barrels per day, you need the reserves to sustain that volume. ‘’The NPDC has grown production from a mere 15,000 barrels per day to about 210,000 barrels per day as at today.” The NNPC boss stated further that the corporation had reclaimed the three main pipelines that supply crude oil to the refineries, adding that the product lines had also been reclaimed. “For the first time in the last five years we have been pumping products from Kaduna to Kano and this is in effort to reclaim the inland distribution and storage capacity that the NNPC has built over the years,” he said. On his part, Kachikwu noted that although most countries of the world were faced with security issues, it was important for Nigeria to invest more in securing its citizens and investors. He disclosed this while proffering measures through which the country’s economy and its oil sector could be revamped for greater benefit to Nigerians. “Now the second aspect of this discussion is that how do you open your economy in terms of foreign participation? There is almost some level of latent difficulty for investors to come into this country. First, they deal with the issue of security.

Read more at: http://www.vanguardngr.com/2017/07/crude-oil-production-hits-2-2m-bpd/

That makes Nigeria the top leader again in oil exploration after Angola took it from us 2years go

The concern now is about the looming low crude oil price and with the recent technology future preference to oil consumption which would make it become useless by 2030.

It's useless since the masses are not feeling the impact.

wristbangle:
That makes Nigeria the top leader again in oil exploration after Angola took it from us 2years go

The concern now is about the looming low crude oil price and with the recent technology future preference to oil consumption which would become useless by 2030.

Lawyer diplomat wristbangle....

Warring as usual I see...

Oppression of the oil producing communities always increase with higher crude oil production level.

The people must stop oil being pumped from their land until a properly negotiated country where everyone is an equal citizen is achieved

kozmicity:

Lawyer diplomat wristbangle....

Warring as usual I see...

Lol boss mi. Abi na u gan gan be the chief of intellectual discussion

wristbangle:


Lol boss mi. Abi na u gan gan be the chief of intellectual discussion

Warriz happens??

With a relatively good price, Nigeria can quickly take advantage of this volume to achieve a lot in the mean time.

With low level of activities of the militants, government at the center and subnational level should do a lot.

Good news