FG to restore crude production to 1.7 million barrels per day

Federal Government has said efforts are being made to restore Nigeria’s oil production, including condensate to 1.7 million barrels per day (bpd).

Sen. Heineken Lokpobiri, the Minster of State for Petroleum Resource (Oil), gave the assurance in response to recent concerns regarding a deficiency in oil production in Nigeria during the first quarter of 2024.

According to a statement by Nneamaka Okafor, Special Assistant, Media and Communications, to the Minister, Lokpobiri, assured that measures are being taken to address the situation to, not only restore production to previous levels, but to also increase it.

The minister clarifies that the reported production shortfall was primarily due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some Oil companies operating in Nigeria.

The Minister is also pleased to announce that the issues have been adequately addressed, and production is expected to retum to its previous levels in the coming days.

He anticipates that Nigeria’s oil production, including condensate, which was approximately 1.7 million barrels per day (bpd) prior to these developments, will soon be restored.

Furthermore, the Ministry of Petroleum Resources is actively engaged in policy evolution aimed at maximizing the utilization of all available wells in Nigeria.

This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves.

The increased revenue will also empower the government to fulfill its obligation to provide basic infrastructure, as stated in the 2024 budget.

The Minister further assures of renewed hope as Nigeria navigates through these difficulties, while urging all to remain dedicated to securing the expansion of sustainability and growth of Nigeria’s oil industry, which plays a vital role in driving the nation’s economic progress.