Oil Output Expected To Reach 2m BPD By December — FG

The Federal Government have revealed its objective of pushing crude oil production to two million Barrels Per Day (bdp) and possibly even exceeding it by the end of the year.

The disclosure was made by Mr. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), during a meeting with the Abuja Energy Correspondent Association in Abuja on Friday.

Lokpobiri emphasized that the government is making determined efforts to boost crude oil production to two million bpd by December, with plans to exceed this figure by the end of 2023.

‘The reason why we are underperforming is because of insecurity and we are gradually tackling those problems.’

‘My sole agenda is to increase production, once we increase production we will get more revenue for the country. You know Nigeria is still more dependent on oil.’

‘Though the non-oil sector is also supporting the economy, a substantial part of our forex comes from oil.’

‘So, my ambition is to see how I can lead the sector to increase production so that we can get more revenue to deal with the fund and strategic rationale projects in the country,’ he said.

Read also: Ozekhome Accuses Navy Of Complicity In Crude Oil Theft

According to the minister, there has been a gradual increase in production, with figures rising from 1.1 million barrels last month to the current range of 1.3 – 1.4 million barrels.

‘I get the reports from relevant authorities. Today, we are doing about 1.4 million barrels of crude. So, we are steadily increasing but our target is to see how we can get to two million barrels,’ he said.

Lokpobiri, while urging relevant stakeholders to put hands on deck to tackle challenges in the sector said he had been interacting with some of them, including the International Oil Companies and local producers.

He noted that the engagement with them was already yielding results.

‘We have identified where the problem is, and where we are getting the shortfall and we are already engaging them within the next few weeks, we will be able to give you how far we have gone in that direction.’

According to his remarks, certain solutions may not yield immediate results, but a well-structured framework will be put in place to address these problems once they are identified.

He stressed the government’s dedication to re-establishing investor confidence and revitalizing the industry to make it more competitive.

Earlier, Mr. Victor Nnodim, the President of the association, had reiterated the association’s preparedness for collaboration and sought the minister’s backing in driving their developmental agenda, with the aim of moving the industry forward.

Africa Today News, New York

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