The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri has restated the effort made by the present administration to increase crude oil production from 1million barrels per day when it took over power to 1.8million barrels per day.
Sen. Lokpobiri who recounted the administration’s effort on his X handle on Monday, said the journey of transformation of the sector began with the Presidential directive to ramp up oil production to a sustainable level.
He said the visionary directive by President Bola Ahmed Tinubu, as broad as it was, became the cornerstone of his commitment and that of his team.
“We embraced it wholeheartedly, engaging stakeholders both domestically and internationally to build synergy and foster partnerships.
“Through these efforts, we successfully attracted significant investments and strengthened institutional frameworks, driving the remarkable transformation we see today in the sector.
“From the production level of 1mbpd when we began, we have boosted output to 1.8mbpd, inclusive of condensates, and continue to aspire for even greater heights,” he said.
He highlighted other achievements to include attracting foreign investment decisions, winning the bid to host the Africa Energy Bank, sustaining peace across Host Communities through robust community engagements, and fully deregulating the downstream sector, ensuring constant availability of petroleum products.
The Minister said the administration has also eliminated bureaucratic bottlenecks in licensing, facilitated capacity building for indigenous players, and introduced numerous reforms too extensive to list.
“Reflecting on this journey, it is evident we have made remarkable strides. From where we started to where we are now, the progress is undeniable.
“With these accomplishments, the future promises even greater growth and development for the benefit of Nigerians,” he said.
Meanwhile, the federal government in November 2024, set a daunting target of 2.5mbpd crude oil production for the leadership of the Nigerian National Petroleum Company Limited (NNPC Ltd), after it surpassed the 1.7mbpd target to peak at 1.8mbpd.
