Local Firms Plan To Increase Oil Output

Data from the Ministry of Petroleum Resources has revealed that come 2020, oil production would have gone up to 250,000 barrels a day.

This comes despite efforts by the Organisation of Petroleum Exporting Countries (OPEC) and Russia to control oil supply and raise prices.

Shoreline Group, Nigeria’s third biggest oil producing firm plans to double output by December 2019.

On its parts, the country’s second-largest oil producer Seplat Petroleum Development Company plans to produce more.

However, the report suggests that the expansion depends on several factors including the tranquillity being maintained in the Niger Delta region.