Nigeria President Pledges to Double Oil Output by 2010

LAGOS (Dow Jones Newswires), June 12, 2008

Nigeria plans to double its crude oil production to 4 million barrels a day by 2010, a spokesman for President Umaru Yar'adua said Thursday.

The president made the announcement during talks with French President Nicolas Sarkozy on the first day of an official visit to Paris, said Yar'adua's spokesman, Olusegun Adeniyi.

"The president said that he had assured his French counterpart that Nigeria's preference was for stable, sustainable and predictable oil prices, rather than unpredictable prices which, he said, did not help anyone in the long run," Adeniyi said.

Yar'adua has not given details of how the extra production would be achieved. Many experts have expressed doubts that Nigeria has the capacity for such an increase.

For the last two years, Nigeria has lost about a quarter of its daily production because of attacks on pipelines and terminals and the kidnapping of key staff, foreign and Nigerian.

It also lost its position as Africa's premier oil producer to Angola, according to the International Energy Agency.

Copyright (c) 2008 Dow Jones & Company, Inc.


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