Oil
production in Nigeria has continued to soar high as Nigeria battles
with economic recession and vandalism of pipeline facilities.
Minister of State for Petroleum, Ibe Kachikwu
Nigeria's oil production is close to 1.8 million barrels per day
(bpd), oil minister Emmanuel Ibe Kachikwu told a forum in Abuja on
Thursday, according to the Reuters.
Kachikwu and oil majors ExxonMobil, Royal Dutch Shell, Eni and
Chevron are expected to sign a deal later in the day over repayments of
$5.1 billion in debt from joint venture projects.
Nigeria has struggled with debt to oil majors amid the fall in oil
prices over the past two years, as well as due to production declines
from peak production of 2.2 million bpd as a result of persistent
militant attacks in the oil-producing Niger Delta region.
The Forcados crude stream, with roughly 300,000 bpd, has been under
force majeure since February, and in the third quarter production was
roughly 1.63 million bpd, according to the country's statistics office.
Kachikwu said the primary goals for 2017 would be to secure
"lasting peace" in the Niger Delta, gain external funding for oil
investments and improve the nation's oil refining system.
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