Nigeria’s Oil Minister, Emmanuel Ibe Kachikwu, said that Nigeria expects its oil production rate to grow by 22% by the end of 2016 to reach 2.2mb/d from current levels, Reuters reported. The Organization of the Petroleum Exporting Countries (OPEC) allowed Nigeria a production window of 1.8m to 2.2mb/d, despite the organization’s push for a production freeze.
While in New Delhi, Kachikwu stated that Nigeria was likely to sign a cash-raising oil deal with India for $15b as an upfront payment for oil purchases, according to Ecofin Agency.
Kachikwu was in India to meet with the country’s Oil Minister, Dharmendra Pradhan, and discuss expanding energy ties between the two countries, with a focus on diversifying India’s engagement into oil exploration and production, refinery building, and marketing in Nigeria
Kachikwu comments came as Nigeria’s energy facilities have been crippled by attacks by militants calling for a greater share of the country’s oil wealth. Relentless attacks have taken out pipelines in Nigeria, normally Africa’s largest oil exporter, and Qua Iboe, Nigeria’s largest export stream, and Forcados remain under force majeure. Nigeria’s economy has been severely impacted by these attacks and global low oil prices.