The Minister of State for Petroleum Resources, Ibe Kachikwu, has attributed the loss of 54 per cent of the nation's daily oil production to militant attacks and pipeline vandalism in the Niger Delta.
The minister stated this in the mid-term review of the activities of the ministry between August 2015 and August 2017 through his social media platforms. Kachikwu said: "The country's situation was worsened by the spate of militant attacks and pipeline vandalism in the Niger Delta, resulting in the country losing over 54 per cent of its daily oil production, from about 2.2 million barrels to about 1.2 million barrels.
To resolve the perennial Niger Delta crisis, he said the government adopted collaboration, intervention and partnership strategies to calm the restive community people in the region, adding that, "This has since paid off, with oil production increasing from 1.2 million bpd to 2.2-2.3 mbpd, including condensate."
He also said that the government had to start with creating 'NNPC's 20 fixes', to create initiatives around issues of costs of business, restructuring, business focus, departmental independence and low morale of staff.
He said the 'Seven Big Wins' initiative was to point at the direction the oil industry was to go in the next three to four years. During the period Kachikwu said the National Petroleum Policy was established, to set the medium to long-term parameters and targets for industry strategies and policies on oil resources, including oil reserves growth and utilization.topics from