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Sunday, 14 August 2016

Oil Ministry considering talks with IOCs to increase production in Delta area

The Oil Ministry is considering getting foreign IOCs to increase their output of oil in the Delta region to 770 mcf (137 mn barrels), up from a current 440 mcf (78 mn barrels), said Oil Minister Tarek El Molla. This increase should help cover 20% of the state’s oil needs, added El Molla. He acknowledges that the government needs to provide further incentives to IOCs in order to get them to increase production in the field, Al Borsa.

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