…Projects 2mb/d production by December
OpeOluwani Akintayo, with agency report
Lagos — The Minister of State for Petroleum Resources, Timipre Sylva, said he has petitioned the Organization of the Petroleum Exporting Countries and its partners known as OPEC+ for an increased oil production quota for Nigeria.
Sylvia revealed this at the Gastech 2021 conference in Dubai, according to S&P Global Platts.
According to him, the country already wrote the group for an increment in its quota.
He said: “We’ve put request on the table, and we expect that to be looked at.
“We have capacity for more production than we are producing right now. Unfortunately, we are constrained by the quota.”
The Minister said the country’s full production capacity of about 2.2 million barrels per day should be reflected in a revised quota, saying that the country’s production struggles is due to technical problems from re-tapping reservoirs that had been shut to comply with the stringent OPEC+ cuts of the past 17 months, adding that production struggles would soon be fixed.
He said output could rebound to around 1.7 million barrels per day by November and two million barrels per day by the end of the year.
“We had some issues from shutting down the reservoirs,” he was quoted as saying by S&P Global Platts.
“When you shut down a reservoir, to restart it, sometimes there are challenges,” he added.