Nigerian Government Plans to Restore Crude Production to 1.7 Million Barrels Per Day

The Nigerian Government has stated that efforts are underway to restore Nigeria’s oil production, including condensate, to 1.7 million barrels per day.

Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), assured in response to recent concerns about a shortfall in Nigerian oil production in the first quarter of 2024.

According to a statement from Nneamaka Okafor, Special Assistant, Media and Communications, to the Minister, Sen. Lokpobiri, measures are being taken to address the situation and not only restore but also increase production.

The minister clarifies that the reported production shortfall was primarily caused by issues encountered on the Trans Niger Pipeline, as well as maintenance activities carried out by some Nigerian oil companies.

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

He expects Nigeria’s oil production, including condensate, to be restored soon, having been around 1.7 million barrels per day (bpd) before these developments.

Furthermore, the Ministry of Petroleum Resources is actively involved in policy development aimed at maximising the utilisation of all available wells in Nigeria.

This strategic approach will allow the country to increase production, generating vital revenue to maintain the country’s foreign exchange reserves.

Increased revenue will also allow the government to meet its commitments to provide essential infrastructure, as outlined in the 2024 budget.

The Minister also expresses renewed optimism as Nigeria navigates these challenges, urging everyone to remain committed to ensuring the long-term viability and growth of Nigeria’s oil sector, which is critical to the country’s economy.