The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has assured that measures are being taken to address recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024.
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.
In response to the concern raised, the Minister said the situation is under control, not only by restoring production to previous levels, but also by increasing 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.
In a statement, Nneamaka Okafor, SA Media and Communications to Sen. Lokpobiri, said, “The Minister is also pleased to announce that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days.”
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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 these 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.
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