Nigeria targets 3 mln barrels of daily production of crude oil by 2023

Source: Xinhua| 2019-10-15 21:13:33|Editor: xuxin
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ABUJA, Oct. 15 (Xinhua) -- Nigeria's state-run oil corporation on Tuesday said the country aims to produce 3 million barrels of crude oil daily, as efforts are underway to actualize the target before the end of 2023.

"The possibilities are high, owing to programs undertaken by the government," Mele Kyari, who heads the Nigerian National Petroleum Corporation, told lawmakers at the national parliament in Abuja.

"We are much focused today, we know it is possible, we have taken steps to realize this before the end of 2023. A number of interventions are ongoing, including our elaborate intrusion into the frontier basins which we announced oil discovery in the Gongola basin, and we expect many more to happen," he said.

Meanwhile, the nation's proposed 2020 budget aims at 2.18 million barrels of daily production of crude oil.

The oil sector of the country plays a significant role in the economy. According to the budget speech by Nigerian President Muhammadu Buhari, of the targeted 8.155 trillion naira (about 23 billion U.S. dollars) federal government revenues in 2020, oil revenue is projected at 2.64 trillion naira.