The Nigerian government says the shortfall in oil production in Nigeria during the first quarter of 2024 was due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some Oil companies operating in Nigeria.
Minster of State for Petroleum Resource (Oil), Sen. Heineken Lokpobiri, who said this in a statement on Friday however assured that measures are being taken to address the situation to, not only restore production to previous levels, but to also increase it.
The minister in a statement issued by his Media aide Amaka Okafor, explained that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days.
He expressed confidence that Nigeria’s oil production, including condensate, which was approximately 1.7 million barrels per day (bpd) prior to these developments, will soon be restored.
The statement added that the Ministry of Petroleum Resources is actively engaged in policy evolution aimed at maximizing the utilization of all available wells in Nigeria.
It added that this strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves, noting that the increased revenue will also empower the government to fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget.
The Minister further assured of renewed hope as Nigeria navigates through these challenges, while urging all to remain committed to ensuring the sustainability and growth of Nigeria’s oil sector, which plays a crucial role in driving the nation’s economy.
Editor: Ebuwa Omo-Osagie
