Nigeria to cut 1.412 mln bpd output to meet OPEC quota -oil minister

0
31

LAGOS, July 30 – Nigeria expects to comply with an oil output quota of 1.412 million barrels per day for May, June and July, the minister of state for petroleum resources said on Thursday.

Timpire Sylva made the comments during a webinar organised by Nigerian oil company Seplat.

OPEC countries and allies led by Russia, known as OPEC+, have agreed to reduce output in the face of the coronavirus crisis which has reduced global demand by a third.

Nigeria’s support to global market stability and energy cooperation is significant and gives confidence to operators and future investors seeking to do business in West Africa. The Executive Chairman at the African Energy Chamber, NJ Ayuk, said a strong message is being sent with OPEC helmsmen, Mohammed Barkindo and Dr. Ayed Al-Qahtani leading these discussions.

“We continue to support the Government of Nigeria, and the country’s Ministry of Petroleum Resources in their effort to improve the environment for investment and getting the industry to rebound post-COVID-19.” Nigeria’s ongoing Marginal Fields Bidding Round was launched this year with significant success. It is expected to result in a new wave of local content development.

Nigeria’s support to global market stability and energy cooperation is significant and gives confidence to operators and future investors seeking to do business in West Africa. The Executive Chairman at the African Energy Chamber, NJ Ayuk, said a strong message is being sent with OPEC helmsmen, Mohammed Barkindo and Dr. Ayed Al-Qahtani leading these discussions.

“We continue to support the Government of Nigeria, and the country’s Ministry of Petroleum Resources in their effort to improve the environment for investment and getting the industry to rebound post-COVID-19.” Nigeria’s ongoing Marginal Fields Bidding Round was launched this year with significant success. It is expected to result in a new wave of local content development.

This site uses Akismet to reduce spam. Learn how your comment data is processed.