In a recent statement issued by the office of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, concerns regarding Nigeria’s crude oil production in the first quarter of 2024 were addressed.
The Minister attributed the shortfall to challenges faced by the Trans Niger Pipeline and maintenance activities carried out by certain oil companies.
Assuring measures are underway to rectify the situation, Lokpobiri expressed determination to not only restore production to its previous level of 1.7 million barrels per day but also to surpass it.
He stated that the reported shortfall was primarily due to issues encountered on the Trans Niger Pipeline, along with maintenance activities by oil companies.
The Minister announced that these issues have been addressed, with production expected to return to previous levels in the coming days. Nigeria’s oil production, including condensate, which stood at approximately 1.7 million barrels per day prior to the setbacks, is anticipated to be restored soon.
Lokpobiri emphasized the Ministry’s commitment to policy evolution aimed at maximizing the utilization of all available wells in Nigeria.
This strategic approach, he noted, would enable the country to increase production, generating vital revenue to stabilize foreign exchange reserves and fulfill infrastructure commitments outlined in the 2024 budget.
The Minister urged renewed dedication to ensuring the sustainability and growth of Nigeria’s oil sector, emphasizing its crucial role in driving the nation’s economy.
