Amnesty: Nigeria Earns N18b From Oil Daily

Date: 13-10-2009 5:22 pm (14 years ago) | Author: Teeco Designer
- at 13-10-2009 05:22 PM (14 years ago)
 Grin Troops will remain in the Niger Delta to safeguard oil installations, the Joint Military Task Force (JTF) has declared – eight days after the end of amnesty.

And Petroleum Minister, Rilwanu Lukman, disclosed at the weekend that Nigeria now produces between 1.6 million and 1.7 million barrels per day (bpd) and is sticking to its quota allocated by the Organisation of Petroleum Exporting Countries (OPEC).

That translates into earning N18 billion a day.

Lukman said oil output reached 1.7 million barrels when the amnesty lasted from August 5 to October 4.

A decision by OPEC on production quotas on December 22 will depend on market conditions, such as demand, he stressed.

“OPEC will only increase output if the market requires it,” Lukman explained in an interview in Abuja.

A spokesman from Chevron confirmed that the company’s Agbami platform offshore produced 250,000 bpd in August, four months ahead of schedule.

The Agbami oil and gas field, which began production in July last year, is a $7 billion project containing an estimated 900 million barrels of oil equivalent of recoverable hydrocarbons, the largest deepwater discovery to date in Nigeria.

Agbami stretches across 45,000 acres and is located some 70 miles (113 kilometres) offshore the Niger Delta.

Source: DailyChampion

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Posted: at 13-10-2009 05:22 PM (14 years ago) | Addicted Hero