Nigeria Set to Surpass 1.7 Million Bpd Oil Production Target by 2024, Affirms Petroleum Minister

 

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, has assured stakeholders that Nigeria will not only meet but exceed the 2024 crude oil production target of 1.7 million barrels per day.

Speaking at a Chevron Nigeria Plc-organized interactive session on Creating Value and Enabling Investments in Nigeria’s Oil and Gas Sector, Lokpobiri emphasized the nation’s capability to boost crude oil production to two million bpd.

In a statement released on Tuesday by his Special Adviser, Media and Communication, Nneamaka Okafor, the minister expressed commitment to fostering collaboration with stakeholders to enhance the oil and gas sector, underlining the Federal Government’s dedication to sustaining engagement with stakeholders.

Lokpobiri stated, “The success of the upstream sector will determine the success of the midstream and downstream. As a government, we are committed to sustaining engagement with stakeholders, ensuring that by 2024, we not only produce the required 1.7 million bpd for our budget but also meet the local demand.”

Highlighting the administration’s progress, he mentioned that the current government increased production from one million barrels per day to 1.4 million barrels per day, determined to continue the upward trajectory. Emphasizing a business-friendly approach, he committed to creating a competitive fiscal regime globally.

“As a new government with a clear mandate to ramp up production, we are committed to ensuring our fiscal regime is competitive globally. Let us manage, sustain, and improve on this old marriage. Whatever your concerns may be, let us put them on the table to disagree to agree,” he added.

Reassuring stakeholders, Lokpobiri affirmed the government’s diligent efforts to address the sector’s challenges and provide an optimal playing field for International Oil Companies and other investors. He also highlighted ongoing refinery rehabilitation initiatives and the functionality of modular refineries to boost the country’s refining capacity and meet local, regional, and international demands.

Encouraging collaboration, the minister urged stakeholders to build a robust oil and gas sector that would significantly contribute to Nigeria’s economic growth and development.

In the Appropriation Bill, the Federal Government set an average crude oil production benchmark of 1.78 million barrels per day and a crude oil price benchmark of $77.96.