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Nigeria demand N3.05 trillion to increase oil production – Kachikwu
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.
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.