Budget 2024: Nigeria To Surpass 1.7mbpd Oil Production Benchmark – Lokpobiri

Minister of state for petroleum resources (Oil), Heineken Lokpobiri, has stated that Nigeria will reach and exceed the 2024 crude oil production budget target of 1.7 million barrels per day (bpd).
Lokpobiri stated this during a stakeholder interactive session on Creating Value and Enabling Investments in Nigeria’s Oil and Gas Sector, hosted by Chevron Nigeria Plc.

Lokpobiri said in a statement issued on Tuesday by his Special Adviser, Media, and Communication, Nneamaka Okafor, that the country can boost crude oil production to 2 million bpd.

The minister expressed his commitment to promoting collaboration with stakeholders to improve the country’s oil and gas sector.

“The success of the upstream sector will determine the success of the midstream and the downstream.
“And as a government, we are willing to sustain that engagement with the stakeholders so that in 2024 and beyond, we will ensure that we produce not just 1.7 million bpd that we need for our budget but ensure that we produce what is needed to meet the local demand,” he said.

The minister emphasised the sector’s growth trajectory since the current administration assumed office, beginning at around 1 million barrels per day and slowly climbing to 1.4 million barrels per day.
He highlighted his desire to maintain this rising trend, emphasising the government’s commitment to fostering a conducive climate for stakeholders to grow.

The minister outlined the trajectory of sector growth since the current administration took office, starting at about 1 million barrels per day and steadily increasing to 1.4 million barrels per day. He expressed his ambition to continue this upward trajectory, highlighting the government’s commitment to creating an enabling environment for stakeholders to thrive.

“As a new government that is business-friendly, with a clear mandate to ramp up production, we are willing to ensure that our fiscal regime is competitive globally. My appeal is that this old marriage, let us manage it, sustain it and improve on it. Whatever your concerns may be, let us put them on the table to disagree to agree,” stated Senator Lokpobiri.

He reassured stakeholders that the government is working diligently to address the challenges facing the sector and is committed to providing the best playing field for both International Oil Companies (IOCs) and independents to make the necessary investments.

“As a country, we have the capacity to produce more than 2 million barrels per day. We have identified the issues bedeviling the sector and are already working on them. I would replicate this program with all the IOCs and independents so that we can make the sector work for all of us and Nigerians at large, and I know that 2024 will be a much better year,” he added.

The minister also highlighted ongoing efforts to rehabilitate refineries and ensure the functionality of modular refineries to enhance the country’s refining capacity, meet local and regional demands, and thrive internationally.
Lokpobiri urged all stakeholders to join hands in building a robust oil and gas sector that contributes significantly to the economic growth and development of Nigeria.