Oil production climbs to 1.6m barrels daily – Sylva

Crude oil production has maintained its incremental output as it hits a new mark of 1.6 million barrels per day (bpd), according to the Minister of State Petroleum Resources, Chief Timipre Sylva. Recall last week, Daily Trust had reported that crude oil production rose to 1.5m bpd in the first week of December after it […]

Crude oil production has maintained its incremental output as it hits a new mark of 1.6 million barrels per day (bpd), according to the Minister of State Petroleum Resources, Chief Timipre Sylva.

Recall last week, Daily Trust had reported that crude oil production rose to 1.5m bpd in the first week of December after it had slumped to about 1.1mbpd and in some instances, 900,000 bpd due to massive oil theft that worsened this year.

In a statement on Tuesday, Sylva:  “In the last few months, the improved security surveillance along the major crude oil trunk lines has however helped to improve crude oil production from a paltry 900,000 barrels per day to between 1.4 and 1.6 million barrels per day.”

Speaking while receiving the new Managing Director of Eni SpA, in his office in Abuja, Sylva said: “I am happy to hear from you (Eni) that you have increased your crude oil production to 15,000 barrels per day as a result of the efforts of the government in protecting the pipelines in the region. I assure you that this trend will continue.”

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He said restoring full oil production would boost revenue for the government and help Nigeria meet its OPEC obligations. Nigeria had been given a 1.8mbpd quota in November.”

Head of Sub-Saharan Africa Region of Eni SpA, Mr Mario Bello said:  “We are happy that the security situation is improving and we will be willing to be back fully,” Bello said.