Nigeria’s production jumps as Kachikwu highlights plans for oil bloc sales in 2017

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Nigeria’s oil production in December rose to 1.9mmbpd, up roughly 100kbpd from the November output of 1.8mmbpd, which in turn was a nearly 30% increase from October, this just as Nigeria’s Oil Minister, Emmanuel Kachikwu listed out his country’s plans to further increase investment and production in 2017, Zero Hedge reports.

In a video posted on his Facebook account, Kachikwu highlighted plans to sell oil blocks in 2017, adding “we are going to be conducting oil blocks allocation and marginal field awards to try and raise money for the government.”

Kachikwu also said; “we are going to firm up long-term markets, we must stop the year-to-year crude term contracts” and also added that “you’ve got to find who are your long-term partners, how do you sign 5-, 6-, 7-year strategic relationships? We are going to be working on those to gravitate away from the year-to-year contracts.”

The Nigerian oil minister also said on the Facebook video that he expects “a bullish re-entry” by oil majors to find reserves. “We are going to be seeking to attract investments and complete all the MoUs that we began – the one in China, the one in India, we are looking to do a roadshow to the U.K. for Europe, we’re looking to do a roadshow to the U.S.”