Nigeria to raise oil output

Jun 08, 2006 02:00 AM

Nigeria's petroleum minister said that his country plans to raise crude oil production to 4 mm bpd by the end of 2007.
Edmund Daukoru, who is also the president of the 11-member Organization of Petroleum Exporting Countries, said "by end of this year we'll be 3 mm, by the end of next year be 4 mm" bpd. Nigeria normally produces 2.9 mm barrels daily, but output has fallen to about 2.4 mm bpd "because of the disturbance in the delta," he said.

Armed militants have in recent months stepped up a campaign against the petroleum industry in Nigeria's oil-rich southern delta region, blowing up pipelines and kidnapping foreign workers.
"The operator is already getting back to the field to fix the pipeline damage," Daukoru said. "So in a couple of months that 500,000 barrels will come back which would then make about 2.9 mm" bpd.

Daukoru was in South Korea to meet government officials and attend an energy forum with South Korean business executives.
OPEC, which produces more than a third ofthe world's oil, decided to keep its 28-mm-bpd output quota steady, rejecting calls by Venezuela for a production cut.

Source: ruby.inq7.net
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