Dec 15 Nigeria's oil production is
close to 1.8 million barrels per day (bpd), oil minister Emmanuel Ibe
Kachikwu told a forum in Abuja on Thursday. Kachikwu and oil majors
ExxonMobil, Royal Dutch Shell, Eni and Chevron are expected to sign a
deal later in the day over repayments of$5.1 billion in debt from joint
venture projects. Nigeria has struggled with debt to oil majors amid
the fall in oil prices over the past two years, as well as due to
production declines from peak production of 2.2 million bpd as a result
of persistent militant attacks in the oil-producing Niger Delta
region.The Forcados crude stream, with roughly 300,000 bpd, has been
under force majeure since February, and in the third quarter production
was roughly 1.63 million bpd, according to the country's statistics
office. Kachikwu said the primary goals for 2017 would be to secure
"lasting peace" in the Niger delta, gain external funding for oil
investments and improve the nation's oil refining system.
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