- Country’s crude production as high as 1.9m b/d two days ago
- Output should rise to 2.2m b/d in July if pipe repairs finish
Nigeria is seeking $40 billion to $50 billion in investment in oil
projects as the OPEC producer said it raised crude output to as much as
1.9 million barrels a day as of two days ago.
The
African producer signed a potential deal for $8.5 billion of investment
with China North Industries Group Corp., Nigerian State Minister for
Petroleum Resources Emmanuel Ibe Kachikwu said in a Bloomberg television
interview in Beijing on Monday. The country’s crude output should rise
to 2.2 million barrels a day next month if repairs to a pipeline are
completed, he said.
“We’re looking to raise about $40 to $50 billion,” Kachikwu said in the Bloomberg interview. “Going to places like China, which have a huge capacity to put money in the oil sector, is very helpful.”
Low
oil prices, which have fallen by more than half in the past two years,
are forcing some of the world’s largest drillers to seek investment to
maintain and expand output. Saudi Arabia’s Deputy Crown Prince Mohammed
bin Salman said in April the government plans to list less than 5
percent of the state producer known as Saudi Aramco, which could turn
the world’s biggest oil exporter into the largest publicly traded firm
with a value in the trillions of dollars. Russia is seeking buyers for
19.5 percent of Rosneft PJSC.
Militant attacks earlier this year
reduced Nigeria’s oil production to 1.3 million barrels from from 2.2
million a day, and output was between 1.8 million and 1.9 million as of
two days ago, Kachikwu said. Crude prices may end the year between $50
and $55, he said.
— With assistance by Sarah Chen, Rishaad Salamat, and Ben Sharples
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