Monday, September 27, 2010

Nigerian Oil Minister: Hopes OPEC To Improve Quotas At Meeting

HOUSTON -(Dow Jones)- The petroleum minister of Nigeria said Monday the country hopes the Organization of Petroleum Exporting Countries will improve the level of output quotas imposed on its members at its Oct. 14 meeting in Vienna.

"I would hope that we will get specific improvements in terms of the quota...within the holistic parameters of what OPEC is set up to do," Nigeria Minister of Petroleum Resources Diezani Alison-Madueke said on the sidelines of an energy conference in Houston.

Nigeria's government said earlier this year that OPEC output quota should be adjusted because its current target was agreed at a time when production was affected by militant attacks on oil facilities.

Alison-Madueke said the country expects soon to make significant changes to the petroleum law that would attract investment and development of natural gas.

"Within the next two years or so Nigeria will begin to make the transition to a gas-producing country" as opposed to a crude-producing country "since we have a lot more gas reserves," she said.

Nigeria also expected to sharply reduce gas flaring in the next two years, she added.

-By Isabel Ordonez, Dow Jones Newswires; 713-547-9207; isabel.ordonez@

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