NNPC claims Nigeria oil output at 2mn bpd

740500486 4486aa3926 bNNPC claims Nigeria breaks 2mn bpd milestone. (Image source: Sergio Russo/Flickr)Nigerian National Petroleum Corporation (NNPC) group managing director Maikanti Baru has announced this week that the country's oil production has recovered to 2mn bpd

He spoke to reporters in Abuja after meeting with President Muhammadu Buhari. In his statement, Baru said the "relative calm" in the Niger Delta region facilitated the increased in output.

At the Offshore Technology Conference (OTC), which is being held this week in Houston, Texas, Nigeria's petroleum minister, Emmanuel Kachikwu told delegates the country has started to repay IOCs its 2016 cash call debt. However, he emphasised that this was a separate repayment scheme from the US$5.1bn settlement with Chevron, Eni, ExxonMobil, Shell and Total for exploration and production costs.

"We eventually agreed to pay several tranches; US$400mn out of that for the first tranche and then the remaining US$700mn paid in monthly instalments for a period of one year," Kachikwu told OTC delegates. "In other words, that will be roughly about US$60mn or US$70mn every month after the first US$400mn."

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