Nigeria’s oil production output in April 2024 increased by four percent to 1.28 million barrels per day, up from 1.23 million barrels per day in March, according to figures issued by the Nigerian Upstream Regulatory Commission (NUPRC). Despite the Federal Government’s efforts to increase oil output to fulfil the 1.78 million barrels per day target for supporting the 2024 budget, production did not improve.
When added to condensate oil, production increased to 1.447 million barrels per day, up from 1.438 million barrels per day the previous month. Condensate production figures were 1.539 million barrels per day in February and 1.643 million barrels per day in January.
Senator Heineken Lokpobiri, Minister of State Petroleum Resources (Nigeria’s oil production), has stated that the government intends to produce two million barrels of oil by the end of 2024. However, he has noted that the decline in oil production in recent months was caused by problems with the Trans Niger Pipeline, as well as maintenance activities carried out by several of the country’s oil businesses. Lokpobiri, in a statement sent by his media aide, Nnemaka Okafor, claimed that steps were being taken to solve the situation and “not only restore production to previous levels, but also increase it.”
“The Minister is also glad to announce that the concerns have been adequately addressed, and production is expected to resume its previous levels in the coming days. “He expects Nigeria’s oil production, including condensate, to be restored soon. Prior to recent changes, it was around 1.7 million barrels per day (bpd).
“Furthermore, the Ministry of Petroleum Resources is actively involved in policy development targeted at maximising the utilisation of all available wells in Nigeria. This strategic strategy will allow the country to increase output, providing essential cash to maintain the country’s foreign exchange reserves. The extra revenue will also allow the government to meet its pledges to provide key infrastructure, as indicated in the 2024 budget,” she explained.
The government blames oil theft and pipeline vandalism for the industry’s failure to meet the country’s OPEC quota of 1.5 million barrels per day. Lokpobiri stated that the oil and gas sector is the fastest way to solve the country’s economic challenges.
Nigeria’s oil production
“There is no country on the planet that does not prioritise security and investment in energy assets. One of our objectives is to keep pipeline vandalism and oil theft to a minimum. We will not be able to entirely eliminate it ( Nigeria’s oil production), but by working with you, we will be able to decrease it to a minimal minimum. So that we can benefit from the current output of oil and gas.”
Source: vanguardngr.com
