FG working to address the gap in oil output -Lokpobiri 

Concerns about a potential oil production shortage in Nigeria in the first quarter of 2024 have prompted the federal government to announce efforts to restore oil production.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the statement on Friday in Abuja through his Special Adviser, Media and Communications, Nneamaka Okafor.

According to him, the Nigerian federal government is now working on new policies to make the most of the country’s wells.

The minister explained that the major reasons for the oil production shortage were problems with the Trans Niger Pipeline and maintenance done by some Nigerian oil companies.

“As a result of the current worries about a decline in Nigerian oil output in the first quarter of 2024, steps are being made to rectify the issue and boost output even more.

“The concerns have been sufficiently resolved, and it is anticipated that production will resume its prior levels over the next few days,” the minister announced.

Lokpobiri promised that Nigeria’s oil production—including condensate—would soon return to its pre-development level of around 1.7 million bpd.

Also, in order to make the most of all of Nigeria’s wells, the Ministry of Petroleum Resources is now working on new policies.

The country’s foreign exchange reserves will be stabilised thanks to the income generated by this strategic strategy, which will allow for increased output.

He went on to say that the government would be able to achieve its promises to provide vital infrastructure, as stated in the 2024 budget, thanks to the additional revenue.

In addition, he gave Nigeria newfound hope as the country faces these difficulties.

He stressed the importance of everyone’s continued dedication to the long-term health and expansion of Nigeria’s oil industry, the engine that propels the country’s economy.

According to OPEC’s Monthly Oil Market Report (MOMR) for April 2024, the country’s oil production fell for the second month in a row starting from the beginning of 2024.

According to the OPEC MOMR, the country’s crude oil production fell from 1.322 mbpd in February 2024 to 1.231 mbpd in March, a decrease of 91 mbpd.