Nigeria’s Oil Production Spikes To 1.9million Barrels Per Day

Nigeria’s oil production has leaped to 1.9m barrels a day (b/d) and is projected to rise to as much as 2.2m b/d by end of July if pipeline repairs are completed.

This was revealed by the nation’s Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, on Monday, June 24, in a Bloomberg television interview in Beijing, China.

Kachikwu, who is in China to lead an NNPC-China Investors’ Roadshow 2016 said Nigeria was seeking as much as $50bn in investment for oil projects as it signed a potential deal worth $8.5 billion with China North industries Group Corp.

“Going to places like China, which have a huge capacity to put money in the oil sector, is very helpful,” he said.

The Minister is currently seeking to raise between $40 billion and $50 billion from Chinese investors to fund key oil and gas projects.