FG targets 2 million barrels oil output by December

October 15, 2023

The Federal Government said its target is to increase oil production to two million barrels per day by the end of December 2023.

It said this was imperative as increased production would help the country earn more revenue.

The Minister of Petroleum Resources, Heineken Lokpobiri made the disclosure at a meeting with Energy Correspondents in Abuja at the weekend.

He stated that the country was already recording a steady increase in its oil output, thus affirming the current daily production of 1.4 million barrels.

“For us to solve our problems we need to earn enough forex and a substantial part of our forex comes from oil. So it is our vision to lead the sector to increase production to earn more revenue to be able to fund strategic national projects.

” We are already steadily increasing production as at last month, it was 1.1 million/1.2million barrels bit today, we are doing 1.4million barrels per day. Our target is to see how we can reach 2 million barrels by the end of the year.

“This can only be possible by engaging all the stakeholders in the sector and this is already yielding results that is why you see a steady rise in production we still have a long way to go but we have identified where the problem is, where we are getting the shortfall and in the next few weeks, we will be able to tell you how far we have gone,” he said.

Lokpobiri stressed that some of the problems bedeviling the sector have been identified, adding that these would be addressed.

“I have had the opportunity to engage with all the stakeholders, IOCs, oil marketers, those in the midstream and those in the downstream, local refiners, we are addressing their problems one after the other.

“Once you identify a problem, we should provide solutions to it. Some of the solutions may not be immediate but once we identify them, we can put a framework together to address these problems.”

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