The Federal Government, on Monday, said it has put machinery in motion to increase Nigeria’s crude oil production by 30 per cent to 2.8 million barrels (mb) of crude oil per day in the next couple of days.
Nigeria currently produces about 2.2 million barrels of crude oil per day, while the benchmark for the 2016 budget is still 2.2 million barrels per day.
Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, had put the target for 2016 at 2.4 million per day.
Speaking at the opening ceremony of the African Petroleum Congress and Exhibition (CAPE VI), organized by African Petroleum Producers Association (APPA) in Abuja, Buhari, who was represented by Vice President Yemi Osinbajo, stated that to attain the new target, the country is focusing on reducing costs and encourage efficiencies in oil exploration.
Buhari disclosed that increasing Nigeria’s crude oil production is part of a number of strategies aimed at repositioning the Nigerian oil industry, which led to the development of a number of initiatives.