Victor EzejaMinister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has set a target for Nigeria’s crude oil production, eyeing 2 million barrels per day in 2024.
In an interview with Arise News, Lokpobiri emphasized the country’s efforts to combat oil theft and enhance security in the Niger Delta, paving the way for sustainable production growth.
“In the past seven years or more, there is no fuel queue across the country, that did not happen by accident, it is a product of careful planning and execution.
READ ALSO: Oil Theft Continues To Frustrate Nigeria’s Efforts To Ramp Up Production
“I can assure you that our projection for the year 2024 will be to surpass 2 million barrels per day and we will achieve it,” said Lokpobiri, noting that strategic planning is key to the sector’s advancements.
Acknowledging President Tinubu’s leadership, Lokpobiri credited the administration’s commitment to steering a turnaround in the oil industry for economic benefits.
Executive Director for Crude and Condensates at the Nigerian National Petroleum Company Limited (NNPCL), Maryamu Idris, had during the Argus European Crude Conference in London in November 2023, highlighted challenges faced by the sector due to the COVID-19 pandemic and underscored the transformative impact of the Petroleum Industry Act of 2021.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that Nigeria’s November 2023 crude oil production stood at 1,466,185 barrels per day, including condensates. However, the December 2023 data from NUPRC provided further insights into the production trend.
While Focus Economics’ December 2023 Consensus Forecast estimated a lower average crude oil production of 1.36 million barrels per day for 2024, it solely considers oil production and excludes condensates.
The report anticipates increased output owing to improved security in the Niger Delta but highlights risks, including potential unrest and economic challenges faced by the nation.
Despite hurdles like low foreign currency reserves and inflation, an upturn in GDP growth is predicted for 2024, driven by an expected rise in private spending and increased crude oil output.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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