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Nigeria plans to produce four million bpd crude in 2010: minister
AFP
LAGOS
Petroleumworld.com 03 14 07African oil giant Nigeria plans to increase production from the current 2.6 million barrels per day to four million by 2010, the official NAN news agency reported Tuesday.
The government, which also plans to raise the nation's oil refining capacity to two million bpd day by the same year, has directed major oil companies to work towards achieving these goals, NAN quoted Energy Minister Edmund Daukoru as saying.
"The federal government plans to achieve four million bpd of oil production by 2010 and also refine half of this locally," Daukoru was quoted as saying.
The minister also stressed the need to intensify offshore exploration.
"Deepwater discoveries have contributed five billion barrels of oil and 16 trillion standard cubit of gas to the national reserves," he said.
Nigeria is the world's sixth largest oil exporter and derives more than 95 percent of its foreign exchange earnings from oil.
ade/smc
AFP 131923 GMT 03 07
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