FG Plans To Earn N29 Trillion Annually By Reopening Shut Oil Wells.

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The Federal Government is reopening closed crude oil wells in an effort to increase monthly oil production from various Niger Delta drilling operations to roughly 2.1 million barrels, valued at about N2.4 trillion.

According to information obtained from the Nigerian Upstream Petroleum Regulatory Commission in Abuja, quick interventions on the shut-in wells could produce about 900,000 barrels of oil per day, while medium- and long-term initiatives could add an additional 1.2 million barrels of oil per day.

This suggests that the facilities would produce 63 million barrels of oil per month, or around 2.1 million barrels per day.

The government would get nearly $5.23 billion each month (N2.41 trillion) if Brent, the world benchmark for crude, averaged $83 per barrel.

Punch

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