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» » NIGERIA OIL PRODUCTION RISES TO 1.9M BARRELS PER DAY..IBE KACHIKWU
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Nigeria’s oil production has risen to 1.9m barrels a day (b/d) and should rise to 2.2m by July end if pipeline repairs are completed, the Minister of State for Petroleum Resources, Ibe Kachikwu, said yesterday in a Bloomberg television interview monitored from Beijing, China.

Militant attacks earlier this year reduced Nigeria’s oil production to 1.3m barrels from 2.2m a day but the minister said an ongoing cease-fire with the militant groups had enabled repair works on some pipelines which had returned production volumes.

Nigeria lost its position to Angola as Africa’s top crude oil producer as a result of the attacks which have ceased after government announced it was ready to dialogue with the militants.
 “There’s a cease-fire that is ongoing already, which is why we are able to repair some pipelines and bring back some volumes,” the minister said.

Kachikwu who is in China to lead a major road show to raise money for oil projects said Nigeria was seeking as much as $50bn in investment for oil projects as it signed a potential deal worth $8.5bn with China North Industries Group Corp.

 “Going to places like China, which have  huge capacities to put money in the oil sector, is very helpful,” he said.


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