By Sunday Etuka, Abuja
Minster of State for Petroleum Resource (Oil), Sen. Heineken Lokpobiri has allayed fear over the reported shortfall in oil production in Nigeria during the first quarter of 2024.
Recall that the Monthly Oil Market Report for April 2024, released by the Organisation of Petroleum Exporting Countries (OPEC) yesterday, shows that the country’s oil production recorded a second consecutive decline since the beginning of this year, 2024.
The OPEC report indicated that the country produced 1.322 million barrels per day of crude in February this year, but this dropped to 1.231mbpd in March, representing a decline of 91mbpd.
The report further revealed that the 1.427mbpd of crude produced in January, also dropped to 1.322mbpd in February, 2024.
Reacting to the development, Lokpobiri assured that measures are being taken to address the situation to, not only restore production to previous levels, but to also increase it.
He clarified 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’s Special Adviser on Media and Communications, Nneamaka Okafor in a statement on Friday said, the Minister also announced that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days.
He anticipated 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 commitments in providing essential infrastructure, as outlined in the 2024 budget.
The Minister further assured of renewed hope as Nigeria navigates through the challenges, while urging all to remain committed to ensuring the sustainability and growth of Nigeria’s oil sector, which plays a crucial role in driving the nation’s economy.
