Nigeria projects 1.8 million barrels production May 2023

The Federal Government, on Monday, said it would continue to work hard to meet its Organisation of Petroleum Exporting Countries crude oil production quota of 1.8 million barrels per day by the end of May 2023.

Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this a day after OPEC agreed to maintain its production cut among member countries to maintain market stability.

Sylva said the Federal Government would continue to improve security along the tracks of the major crude oil pipelines and block every leakage through which oil was stolen by thieves and pipeline vandals.

He said the inability of Nigeria to meet the current OPEC quota was not due to lack of production capacity on the part of crude oil producers, “but because a lot of producers decided not to inject into the pipelines as they were losing a lot of their production when they inject into the pipelines.”

A statement by the minister’s Senior Adviser Media and Communications, Horatius Egua, further quoted Sylva as saying, “Once we are able to build enough confidence in the security of the pipelines, they (producers) will then be able to inject into the pipelines once again.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.