Nigeria expects rise in oil output

Nov 17, 2003 01:00 AM

Nigerian President Olusegun Obasanjo has expected a rise in his country's oil reserve to 36 bn barrel in 2007. Obasanjo made the announcement at a meeting with senior officials in oil sector.
He also announced the initiative on transparency in oil sector and natural gas with aim of achieving highest levels of transparency in announcing the oil revenues of the country.

Meanwhile, Fonso Kupolokun the new director for the Oil national Authority, which runs the oil industry in Nigeria said the target of 2007 was to increase the daily production to 4 mm bpd.
The burning of natural gas without benefiting from it would completely end in 2008, where any discovered natural gas would be benefited from and exported.

Source: Business Times
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