The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said about three or four deepwater projects with the capacity to add 750,000 barrels to one million barrels to Nigeria’s daily production need funding, The Guardian reports.
Kachikwu, who made this disclosure in the latest edition of the Organisation of the Petroleum Exporting Countries (OPEC) Bulletin, noted that about 250,000 barrels per day of deep-water projects are potentially ready to come on stream sometime late next year.
He said: “One of the things the government undertook, which has been very helpful, is the cash call policy to deal with debts. We signed agreements on how to pay off existing backlogs, and this brought back confidence. We have a new model on how to deal with the cost of oil.”
He added that these policies have helped boost funding. “On the back of this certainty, we need to go back to look at costs. We have one of the highest production costs among OPEC countries, and we need to work on that.”
Source: Energy Mix Report