The Federal Government of Nigeria is setting its sights on increasing crude oil production to a minimum of two million barrels per day (bpd) by the end of December.
Heineken Lokpobiri, the Minister of State for Petroleum Resources, expressed this ambition during a meeting with energy correspondents in Abuja.
Lokpobiri highlighted the government’s relentless efforts to boost crude oil production despite challenges, particularly insecurity in some oil-producing regions.
Minister aims to boost crude oil production
He emphasized that increasing production is essential to enhance the country’s revenue, especially considering Nigeria’s strong dependence on oil income.
The minister noted that while the non-oil sector also contributes to the economy, a significant portion of the country’s foreign exchange earnings still comes from the oil sector.
As such, his primary agenda is to lead the sector towards production growth to generate more revenue.
Lokpobiri indicated that oil production has been on an upward trajectory, mentioning that it stood at 1.1 million bpd the previous month and is currently between 1.3 and 1.4 million bpd.
He stressed the need for collaboration among stakeholders to address sector-related challenges.
The minister disclosed that he has initiated dialogues with international oil companies and local producers, which have already yielded positive outcomes.
By identifying the issues and formulating a comprehensive framework, the government is working to rectify the sector’s problems, even if some solutions might not be immediate.