210 Views

Nigeria Will Need Extra 900,000b/d To Recover Oil Lost To Militancy – Ibe Kachikwu

The Minister of State for Petroleum, Dr. Ibe Kachikwu has revealed the losses Nigeria has suffered from the vandalization of oil facilities in the Niger Delta militants which has caused a dip in the country’s oil earnings.
The former employee of Exxonmobil has said that Nigeria will have to increase oil output by an average of 900,000 barrels per day (b/d) in order to recover crude oil that has been shut in to a series of militant attacks on oil and gas assets in the Niger Delta in recent months, ThisDay reports.

Kachikwu, who spoke to CNN’s Richard Quest last night, however said he was not particularly optimistic about the possible talks on a production freeze by other oil producing countries to bolster prices, saying similar efforts a few months ago had failed.

Despite his lack of confidence, the price of crude oil rose yesterday following reports that Russia and the Organisation of Petroleum Exporting Countries (OPEC) may resume dialogue on a production freeze.

The petroleum minister said the federal government was in continuing dialogue with militants and their representatives in the Niger Delta and expressed confidence that in the next one or two months, a resolution will be reached to end the attacks on oil assets.

“There’s a lot of dialogue, a lot of security meetings and we expect that in the next one or two months, we will arrive at a lasting resolution on the problem in the Niger Delta,”
he said.

ALSO READ  Minister For Petroleum Resources, Dr. Ibe Kachikwu Currently In China To Raise $50 Billion

He added that Nigeria would need to produce on average 900,000b/d extra to recover oil and the attendant revenue lost to the militancy in recent months.

“We are producing some 1.5 million barrels per day and would need on average 900,000 barrels per day to catch up on what we have lost. If we can achieve peace, this will be feasible,”
he said.

However, when he was reminded by Quest that an extra 900,000b/d would run contrary to possible talks next month on a production freeze in order to shore up oil prices, Kachikwu said he was not optimistic that a consensus could be reached on an output cap, as efforts in the past had failed.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

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

Latest Posts

5 Collateral You Can Use To Get A Bank Loan
Business
9 views
Business
9 views

5 Collateral You Can Use To Get A Bank Loan

PH - June 21, 2018

These days, it is hard to trust someone enough to lend them money, so instead people have decided to go for loans from banks and other money…

See Why Women Are More Prone To Sexually Transmittable Infection
Food and Health
11 views
Food and Health
11 views

See Why Women Are More Prone To Sexually Transmittable Infection

PH - June 21, 2018

Doctor David Bawa, declares that females are more liable to contact Sexually Transmittable Infections (STI) owing to their anatomy. Doctor David Bawa told the news agency on…

Full Details Of How Pupils Study Under The Tree In Abuja Revealed (Photo)
Shocking
42 views
Shocking
42 views

Full Details Of How Pupils Study Under The Tree In Abuja Revealed (Photo)

MT - June 20, 2018

This may sound like a fairy tale but it is for real. Children still study under trees and unfriendly classrooms in many government owned basic education facilities…

National Publicity Secretary For KOWA Party Hands In Resignation
Politics
42 views
Politics
42 views

National Publicity Secretary For KOWA Party Hands In Resignation

PH - June 20, 2018

Mr Kunle Lawal, the National Publicity Secretary of Kowa party on Wednesday confirmed his resignation as the party’s image maker. Kunle Lawal disclosed in Abuja that he…

10 Things Saraki Said About Nigeria to Russian Parliament
Politics
51 views
Politics
51 views

10 Things Saraki Said About Nigeria to Russian Parliament

MT - June 20, 2018

President of the Senate, Dr. Abubakar Bukola Saraki, on Wednesday, addressed the Federal Assembly of the Russian Federation in Moscow. Saraki arrived Russia on Tuesday, alongside other…

Nigerian Teachers Urged By 2018 Global Teacher Award Winner To Stand For Prize
Education
52 views
Education
52 views

Nigerian Teachers Urged By 2018 Global Teacher Award Winner To Stand For Prize

PH - June 20, 2018

Andria Zafirakou,winner of the 2018 Global Teacher Prize,  has called out to Nigerian teachers to stand for the global prize as applications open for the 2019 edition.…

Here is the List of Executive Orders Newly Issued by the Buhari Administration
Politics
53 views
Politics
53 views

Here is the List of Executive Orders Newly Issued by the Buhari Administration

MT - June 20, 2018

The Muhammadu Buhari Administration has issued a total of 5 Executive Orders since it assumed office. 1. Executive Order (EO1) on the Promotion of Transparency and Efficiency…

From Grass To Grace: Read Inspiring Story of Funmilayo Ugoh
Nigerian Women
64 views
Nigerian Women
64 views

From Grass To Grace: Read Inspiring Story of Funmilayo Ugoh

PH - June 20, 2018

Every one has a past, and ther is no present without a past. But you must not let your past dictate what your future will be, only…

Learn More: Which Eye Brow For Which Face?
Fashion
60 views
Fashion
60 views

Learn More: Which Eye Brow For Which Face?

PH - June 20, 2018

This is just a short tip to make women understand their eye brows better. After going through this tip, you will discover what you want for yourself.…

What Mikel Obi Was Seen Doing Ahead Of Nigeria’s Next World Cup Match
Sports
68 views
Sports
68 views

What Mikel Obi Was Seen Doing Ahead Of Nigeria’s Next World Cup Match

MT - June 20, 2018

Super Eagles Captain John Obi Mikel may have adopted Cristiano Ronaldo’s approach ahead of Nigeria’s second group game against Iceland at the Volgograd on Friday.   The…

Full Text of President Buhari’s Speech at Signing of 2018 Budget
Business
58 views
Business
58 views

Full Text of President Buhari’s Speech at Signing of 2018 Budget

PH - June 20, 2018

President Muhammad Buhari on Wednesday finally signed the 2018 appropriation bill into law. The President assented to the bill more than a month after it was passed…

Meet Solomon Sobande, the Nigerian Manager of Late American Rapper, XXXTentacion
Best of Nigeria
79 views
Best of Nigeria
79 views

Meet Solomon Sobande, the Nigerian Manager of Late American Rapper, XXXTentacion

MT - June 20, 2018

fter the demise of the fast rising American rapper XXXTentacion, a lot seems to be unraveling on the rapper who wasn't quite popular on this side of…

Meet 94-Year-Old Nigerian Woman Who Is A Sickle Cell Patient (Photos)
Food and Health
69 views
Food and Health
69 views

Meet 94-Year-Old Nigerian Woman Who Is A Sickle Cell Patient (Photos)

MT - June 20, 2018

Nigerian doctor, Chioma @Deekachy_md, shared the photos of the elderly woman, Alhaja Alakija, who according to her has lived with sickle cell anemia for 94 years. She…

Shell Gets Approval To Complete N10bn Bonga Southwest Project
Business
70 views
Business
70 views

Shell Gets Approval To Complete N10bn Bonga Southwest Project

PH - June 20, 2018

After years of delay, Shell has finally received approval to complete the building of the world class Bonga Southwest project, following discussions held in London between its…

Why Are Most Nigerians Not Using The Face Unlock Feature Of Their Smartphones?
Technology
64 views
Technology
64 views

Why Are Most Nigerians Not Using The Face Unlock Feature Of Their Smartphones?

MT - June 20, 2018

Face unlock now seem to be the latest trend in the smartphone world as more and more smartphones now come equipped with facial recognition security, offering up…

The Right Footwear For The Right Season
Buzz & Trends
50 views
Buzz & Trends
50 views

The Right Footwear For The Right Season

PH - June 20, 2018

It becomes hard to choose the right shoes during the raining season, therefore many find a solution to these by wearing their desired shoe and still having…

How Much It Cost Me To Build LITV – Linda Ikeji Speaks On Newly Launched TV, Future Plans
Best of Nigeria
68 views
Best of Nigeria
68 views

How Much It Cost Me To Build LITV – Linda Ikeji Speaks On Newly Launched TV, Future Plans

MT - June 20, 2018

While speaking in an exclusive interview published by Pulse Nigeria Business Insider, Nigeria’s most famous and richest blogger, Linda Ifeoma Ikeji, who recently launched an online television,…

Check Out the Biggest SUV Ever, the Russian-Made 8 Wheels Shaman All-Terrain Vehicle (Photos)
Technology
71 views
Technology
71 views

Check Out the Biggest SUV Ever, the Russian-Made 8 Wheels Shaman All-Terrain Vehicle (Photos)

MT - June 20, 2018

Russia’s harsh environments like the snow ,swamps , steep terrains and deep waters are some of the factors that influenced this huge beast. The 8-wheel drive Avtoros…

Loading...