Nigeria will achieve crude oil production of 1.7m bpd in 2024, says Lokpobiri

Heineken Lokpobiri, minister of state petroleum resources (oil), says Nigeria will achieve its 2024 crude oil production benchmark of 1.78 million barrels per day (bpd).

Lokpobiri said the federal government is making efforts to remove all bottlenecks that will limit the country from meeting and surpassing the projection.

According to a statement on Tuesday by Nneamaka Okafor, the minister’s special adviser on media and communication, Lokpobiri spoke about FG’s efforts at a stakeholders’ interactive session on ‘Creating value and enabling investments in Nigeria’s oil and gas sector’ organised by Chevron Nigeria Plc.

The minister reiterated Nigeria can increase crude oil production to two million bpd and issues hindering this are being worked on.

“As a government, we are willing to sustain that engagement with the stakeholders so that in 2024 and beyond, we will ensure that we produce not just 1.7 million bpd that we need for our budget but ensure that we produce what is needed to meet the local demand,” Lokpobiri said.

He highlighted the sector’s growth trajectory since the current administration took office.

According to Lokpobiri, the country’s oil production has moved from about 1 million barrels per day and steadily increased to 1.4 million barrels per day.

The minister said his goal is to continue this upward trajectory, adding that the government is committed to creating an enabling environment for stakeholders to thrive.

“As a new government that is business-friendly, with a clear mandate to ramp up production, we are willing to ensure that our fiscal regime is competitive globally,” he said.

“My appeal is that this old marriage, let us manage it, sustain it and improve on it. Whatever your concerns may be, let us put them on the table to disagree to agree.”

Lokpobiri reassured stakeholders of the government’s diligent effort to address challenges facing the sector and provide the best playing field for both international oil companies (IOCs) and independents to make the necessary investments.

“As a country, we can produce more than 2 million barrels per day. We have identified the issues bedevilling the sector and are already working on them,” he said.

“I would replicate this programme with all the IOCs and independents so that we can make the sector work for all of us and Nigerians at large, and I know that 2024 will be a much better year.”

The minister’s statement comes on the back of a decline in Nigeria’s oil production.

In the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country recorded 1,250,299 barrels per day in November 2023.

The production decreased by 100,274 bpd in November — a 7.42 percent plunge from the output of 1,350,573 bpd recorded in October 2023.

Lokpobiri also spoke on the ongoing efforts to rehabilitate refineries and ensure the functionality of modular refineries to enhance the country’s refining capacity, meet local and regional demands, and thrive internationally.

Lokpobiri told stakeholders to join hands in building a robust oil and gas sector that would contribute significantly to the economic growth and development of Nigeria.