Minister of State for Petroleum Resource (Oil), Heineken Lokpobiri, has revealed why the petroleum production suffered a shortfall during the first quarter 2024 (Q1 2024) was because of challenges with the Trans Niger Pipeline coupled with the maintenance carried out by some oil companies. Although, he disclosed that the issues have been adequately resolved, saying that production is expected to resume to its previous level of production in the coming days.
The statement was disclosed by Special Assistant, Media and Communications, Nneamaka Okafor, to the minister saying the government is making all efforts possible to restore the production back to normalcy of 1.7million barrels per day and also exceed it.
The statement was quoted as: “In response to recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024, the Minister of State for Petroleum Resource (Oil), Sen. Heineken Lokpobiri, assures that measures are being taken to address the situation to, not only restore production to previous levels, but to also increase it.
According to the minister, the Nigeria’s oil production, including condensate, which was approximately 1.7 million barrels per day (bpd) prior to these developments, will soon be restored.
He said the Ministry of Petroleum Resources is actively engaged in policy evolution aimed at maximizing the utilization of all available wells in Nigeria.
Lokpobiri added, “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 fulfil its commitments in providing essential infrastructure, as outlined in the 2024 budget,”
