Federal Government to Raise Crude Oil Production to 2 Million BPD by December
By the end of the year, the federal government reportedly hopes to have increased crude oil production to 2 million bdp.
This was disclosed in a meeting with the Abuja Energy Correspondent Association on Friday by Mr. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil).
The administration, according to Lokpobiri, is working tirelessly to increase crude oil production to two million bpd by the end of 2023 and even further.
We’ve identified insecurity as the root cause of our poor performance and are working to address it.
I have only one goal in mind, and that is to boost output so that we can bring in more money for the country. You are aware that oil remains Nigeria’s primary source of income.
“A large portion of our foreign exchange comes from oil, while the non-oil industry is also helping the economy.
His stated goal was to “guide the sector to improve production” in order to “handle with the fund and strategic rationale projects in the country.”
The minister stated that production has increased from the 1.1 million barrels produced last month to the current 1.3 to 1.4 million barrels.
The proper authorities provide me with the reports. In the present moment, we are producing around 1.400.000 barrels of crude. The plan is to increase production to two million barrels per year, he said.
Lokpobiri, who has been in contact with both international oil companies and local producers, has called for all hands to be on deck to address problems in the industry.
He said they were seeing progress in their interactions with them.
Within the following few weeks, we will be able to offer you an update on the progress we have made towards resolving the issue and addressing the gap.
He noted that while some answers would not be forthcoming right once, a solid structure for dealing with the issues would be made available.
He assured the public that the government was committed to restoring investor faith and revitalising the sector so that it could once again compete successfully.
Earlier, the association’s president, Mr. Victor Nnodim, had reaffirmed the group’s willingness to collaborate and asked for the minister’s help in pushing forward his developmental programme and improving the industry.