Fidelity bank banner UBA banner
Negotiations with militants on course —Kachikwu *Oil production hits 1.9m barrels per day

By News Express on 28/06/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,806


Ibe Kachikwu, Minister of State for Petroleum Resources, said on Monday that Nigeria is making progress in negotiations with Niger Delta militants, with daily oil production back to 1.9 million barrels.

Kachikwu, who spoke in China, said Nigeria would hit its budgetary mark of 2.2 million barrels per day by July when the repairs at the Forcados terminal are done.

Earlier, he said activities of militants had cut Nigeria’s production by 800,000 barrels to about 1.4 million per day, causing the nation to lose millions of dollars per day — but that is history now.

“All the way from January right through to about April, we were producing an average of 1.9 to 2.2 million barrels, which is basically between the threshold of 2.2 that we budgeted for the year,” Kachikwu told Bloomberg.

“Obviously in May and June, we suffered a lot of militant attacks, which took us down to about 1.3 (million). We’ve managed to begin to lead conversations with the militants; a lot of engagement is taking place on the authorisation of President Muhammadu Buhari.

“We’ve been able to get production up back to about 1.8/9 million barrels per day as of two days ago. We are continuing those conversations and by the time the Forcados line is repaired in July, we should be able to come back to our production ceiling for this year, of 2.2(million).

“Things are looking up, engagements are trending positively, we’ve been able to make in-routes into those conversations, but what is more important is the need to continue that momentum and the need to look to a long term solution to the Niger Delta crisis.”

Kachikwu said he was in China to get about $40 billion to $50 billion in funding, to close the Nigerian infrastructural gap.

The minister is said to have met with the managing directors of Sinopec Group, Sinopec/Addax, Cinda Securities Limited and Jereh Group, at the NNPC-China investors’ roadshow in Beijing.

He said the meetings had begun yielding results, with a deal for $8.5 billion of investment with NORINCO — a Chinese company that manufactures vehicles, machinery, and optical-electronic products — already signed. (Independent)

•Photo shows Kachikwu.

Source News Express

Posted 28/06/2016 03:50:30 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Breaking News: NDLEA storms Buruji Kashamu’s house •Senator-elect...

Breaking News: Nasarawa lawmakers move to impeach Governor...

Death toll in Kaduna attacks rises to 25...

NAICOM, Kaduna Govt. to collaborate on compulsory insurance...

How competent is Jega’s INEC? asks Olusegun Adeniyi...

EFCC probes fraud at Delta Hospitals Management Board...

Town Hall meetings fulfillment of Okowa’s campaign promise...

Otti cries out over alleged plan by TA...

BREAKING: Pro-Biafra protests rock Enugu

Abia workers join strike, shut govt. offices

3 soldiers, 2 Civilian JTF die in showdown...

Appeal Court reserves judgement on Lagos DPO who...

 

Latest News How we plan to win 2019 election — Buhari, Atiku NIA places Nigerian agencies on red alert over ‘Chinese drugs containing human flesh’ Trump critic calls for military coup in U.S. Buhari’s in-law, Amosun, Abe lose out as APC submits candidates’ names 2019: Bayelsa group accuses royal father, others of working against PDP •Chides Ex-President Jonathan Ekiti Muslims angry with Governor Fayemi 2019: Parties rush to beat INEC deadline for submission of candidates list Lagos Assembly orders immediate return of PSP, disowns Visionscape NNPC washes hands off Abia pipeline explosion Mentally deranged woman caught with N200,000 PDP demands immediate reconstitution of Osun Governorship Election Tribunal NEC recommends allocation of 15pct of budget to education

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (407,468 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (382,801 views) Shameless Genevieve Nnaji exposes breasts in public (315,155 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (257,701 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (237,728 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,535 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,319 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (185,785 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,469 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,022 views) Lagos plane crash: Journalist releases victims’ names (161,663 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,425 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (67) Business & Economy (3,693) Business Verdict (52) Columnists (948) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (559) Features (660) Global Business Monitor (304) International (2,545) Interview (165) Live Commentary (28) Love Matters (145) News (39,736) Opinion (1,124) Pidgin (13) Politics (7,292) Religion (881) Sports (1,733) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement