In recent remarks, Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), has conveyed confidence that Nigeria will not only achieve but surpass the 2024 crude oil production target of 1.7 million barrels per day (bpd). Speaking during a stakeholder interactive session titled “Creating Value and Enabling Investments in Nigeria’s Oil and Gas Sector,” hosted by Chevron Nigeria Plc, Lokpobiri expressed his optimism that the country could elevate crude oil production to two million bpd.
According to a statement released on Tuesday by his Special Adviser on Media and Communication, Nneamaka Okafor, the minister highlighted his commitment to fostering collaboration with stakeholders to enhance Nigeria’s oil and gas sector.
Lokpobiri emphasized, “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.”
The minister underscored the sector’s growth trajectory under the current administration, starting at approximately one million barrels per day and gradually progressing to 1.4 million barrels per day. He expressed the intent to uphold this upward trend, underscoring the government’s dedication to creating a favorable environment for stakeholders to thrive.