Federal government is set to reactivate crude oil wells shut down following attacks and massive theft of crude oil in the Niger Delta region.
The massive crude oil theft has eaten into Nigeria’s crude oil production, forcing oil companies to abandon most of the affected crude oil wells located onshore.
Finance minister, Zainab Ahmed, speaking on Bloomberg television, says that security force deployed to the region, had secured most of the oil wells from vandals and oil thieves.
She is optimistic that the clampdown on the crude oil thieves would enable Nigeria to boost its oil production to meet the 1.6 million barrels daily allocated to it by OPEC within the next two weeks.
According to the minister, Nigeria’s daily crude oil production due to the oil theft is still below the OPEC’s quota, dropping to 1.2 million some times in the past months.
The minister says that Nigeria needs to raise its crude oil production now because of the high price of crude in the world market, as it is importing all its petrol requirements.