Buhari establishes new target for production of crude oil
As part of efforts to reposition the country’s oil sector, President Muhammadu Buhari has set new target for the production of crude oil. The president, who was represented on March 14 by Vice President Yemi Osinbajo at the sixth African Petroleum Congress and Exhibition (CAPE VI) in Abuja, revealed that government has started the process of cutting production costs to boost exploration in order to achieve a production level of about 2.8 million barrel per day (mbpd). President Buhari said the quantum leap would be 30% increase of production level of 2.4 mbpd being pursued. “In Nigeria, as part of our strategies to reposition the oil industry, this administration has commenced the process of implementing carefully conceived initiatives, to reduce production costs and encourage efficiencies in oil exploration so as to achieve a 30 per cent increase in daily production levels (to about 2.8mbpd),” he said. The president further disclosed that the country is working on mode to ...
