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2.5mbpd is 2013 Production Target – Oil Minister

By on December 13, 2012

Oil Minister, Diezani Madueke stands accused of participating in Corruption

In a bid to enhance its oil production capacity in the global energy market, Nigeria has set a new production target. The oil minister states that the country is set to step up its game from 2.4million barrels per day production to 2.5million barrels per day.

This outlook and goal for 2013 which is a resolve of sheer determination is coming from the backdrop of the slight decline in production in the year 2012, due to the massive flood between October and November that caused serious delays in production and cut the output and forecasts in Nigeria’s production quota.

Apart from the floods there was the issue of fire incident at the Shell facility one of the major exploration company in the Nigerian terrain and another oil spill by the Exxon Mobil group, which also contributed to slight decline in 2012 production levels.

Petroleum Minister Mrs Diezani Alison-Madueke speaking at the Organization of Petroleum exporting Countries forum in Vienna said concerning the current oil production level of Nigeria that “I expect it at least to stabilise (next year). The problems have been flooding and bunkering and some vandalism which have disrupted pipeline services”.

Also the Minister was confident that the Petroleum Industry Bill, which is at the parliament for debate and final passage, if signed into Law early next year, will bring innovation and strategic partnerships with potential foreign investors to boost the capacity of oil production.

It will also create the platform for increased level of local content which is vital to revolutionizing the Industry and engaging Nigerian professionals who are eager to be involved in the process improving the capacity of production in the energy market.

Another constraint which the Petroleum Ministry is battling with is to ensure a credible round of bids is held for the marginal fields, which should attract more investment.