Nigerian president pledges to double oil production by 2010
Nigeria plans to double its production of oil by 2010 from two million to four million barrels a day, a spokesman for country's president, Umaru Yar'adua, said on Thursday.
By Agencies |
LAGOS: Nigeria plans to double its production of oil by 2010 from two million to four million barrels a day, a spokesman for country's president, Umaru Yar'adua, said on Thursday.
The Nigerian leader made the announcement during talks with French President Nicolas Sarkozy on the first day of an official visit to Paris, according to Yar'adua's spokesman Olusegun Adeniyi.
"The President said that he had assured his French counterpart that Nigeria's preference was for stable, sustainable and predictable oil prices, rather than unpredictable prices which, he said, did not help anyone in the long run," said Adeniyi.
Many industry experts, however, have expressed doubts that Nigeria has the capacity for such an increase.
Yar'adua has not yet given details of how the extra production would be achieved.
For the last two years, Nigeria has lost about a quarter of its daily production because of attacks on pipelines and terminals and the kidnapping of key staff, foreign and Nigerian.
It has also lost its position as Africa's premier oil producer to Angola, according to the International Energy Agency which acts as a policy advisor to 27 member countries.
The Nigerian leader made the announcement during talks with French President Nicolas Sarkozy on the first day of an official visit to Paris, according to Yar'adua's spokesman Olusegun Adeniyi.
"The President said that he had assured his French counterpart that Nigeria's preference was for stable, sustainable and predictable oil prices, rather than unpredictable prices which, he said, did not help anyone in the long run," said Adeniyi.
Many industry experts, however, have expressed doubts that Nigeria has the capacity for such an increase.
Yar'adua has not yet given details of how the extra production would be achieved.
For the last two years, Nigeria has lost about a quarter of its daily production because of attacks on pipelines and terminals and the kidnapping of key staff, foreign and Nigerian.
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It has also lost its position as Africa's premier oil producer to Angola, according to the International Energy Agency which acts as a policy advisor to 27 member countries.
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