shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » “We Are Losing One Million Barrels per Day” – Minister

“We Are Losing One Million Barrels per Day” – Minister

by Joshua
July 26, 2009
in Uncategorized

A damning picture of  the effect of the  sustained militancy in the Niger Delta was unfolded last week when the minister of petroleum resources, Dr Rilwan Lukman disclosed that Nigeria is losing an average of one million barrels of crude oil per day owing to the crisis.
In what is arguably, one of government’s rare official confirmations of losses in daily crude oil production as a result of activities of Niger Delta militants, he minister told members of the National Working Committee (NWC) of the ruling Peoples Democratic Party (PDP) in Abuja that oil production had dropped to between 1.4mbpd and 1.5mbpd, against the budget benchmark of 2.2mbpd.
He pointedly attributed the drop to activities of militants, but assured that government ism already working on how to get back on the production track by ensuring an increase in production to a target of 4mbpd.
“We have production capacity of 2.3mbpd but because of problems in the Niger Delta, we cannot meet our target. This year’s budget is based on having 2.2mbpd. So, we are in short of a million barrels,” he said.
“Our target is 4 million barrels in 2010; presently we have 37 billion barrels in our reserve. The target for next year’s production is 4mbpd.”
The minister also seized the opportunity of the meeting to argue that here could not be any going back on government’s policy of deregulating the downstream sector, because according to him, what government expends on subsidy of petroleum products is “far above the budget for capital projects every year”.
Confirming that government has been able to secure the endorsement of the two house union in the petroleum industry, Lukman told the PDP bigwigs that there is “still have a bit of challenge with the NLC, but we believe when they see the facts and realise what is happening, they will come on board. They are already more or less on board.


Related Posts

Despite ₦5.17trn Surplus, Dollar Dominates Nigeria-China Trade As Naira-Yuan Swap Struggles

Despite ₦5.17trn Surplus, Dollar Dominates Nigeria-China Trade As Naira-Yuan Swap Struggles

June 30, 2025
Meningitis: Death Toll In Kebbi Hits 56 – Govt 

Meningitis: Death Toll In Kebbi Hits 56 – Govt 

March 24, 2025
Navy Rescues 8 Police Officers,1 Civilian From Boat Accident In Bayelsa

Navy Rescues 8 Police Officers,1 Civilian From Boat Accident In Bayelsa

January 8, 2025
PHOTO NEWS: SIFAX Thanksgiving and Night of Praise 2.0

PHOTO NEWS: SIFAX Group Thanksgiving and Night of Praise 2.0

December 18, 2024

Discussion about this post

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition