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Nigeria’s Oil Output Rises on Improved Security: Reuters

OIL

Nigeria’s oil output has risen to around 1.6m-1.7m b/d after the government tightened security measures to reduce crude theft, Chief of Naval Staff Emmanuel Ikechukwu Ogalla said Aug. 6, cited by Reuters.

  • Crude production in Nigeria was 1.2m b/d in February.
  • There is heightened surveillance and enforcement in oil producing areas, Ogalla said.
  • Furthermore, the Nigerian navy also has 12 vessels on the sea to protect oil production and stop theft. 16 vessels have been arrested to date, Ogalla added.
  • Nigeria’s oil minister said in May that Nigeria could produce 6m b/d with adequate investment in the sector., but the country lacks the capital for its own E&P of oil and gas.

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