The Federal Governing administration states actions are becoming place in area to restore oil production in perspective of modern concerns regarding shortfall in oil creation in Nigeria in the initial quarter of 2024.
Sen. Heineken Lokpobiri, Minister of Condition for Petroleum Source (Oil), explained this in a assertion by his Special Adviser, Media and Communications, Nneamaka Okafor, on Friday, April 12, in Abuja.
He explained the Federal Government was actively engaged in policy evolution aimed at maximising the utilisation of all readily available wells in Nigeria.
The minister clarified that the oil generation shortfall was generally thanks to challenges encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating in Nigeria.
“In reaction to recent concerns pertaining to a shortfall in oil production in Nigeria during the 1st quarter of 2024, actions are staying taken to deal with the problem to, not only restore manufacturing to earlier amounts, but to also increase it.
“The issues have been adequately resolved, and creation is predicted to return to its preceding concentrations in the coming times,” the minister said.
Lokpobiri said Nigeria’s oil creation, such as condensate, which was approximately 1.7 million barrels per working day (bpd) prior to these developments, would shortly be restored.
“Furthermore, the Ministry of Petroleum Sources is actively engaged in plan evolution aimed at maximising the utilisation of all readily available wells in Nigeria.
“This strategic solution will help the state to ramp up output, thus producing vital revenue to stabilise the nation’s foreign exchange reserves.
“The increased earnings will also empower the authorities to satisfy its commitments in delivering crucial infrastructure, as outlined in the 2024 funds,” he said.
He further certain of renewed hope as Nigeria navigates by way of these challenges.
He urged all to stay committed to making sure the sustainability and expansion of Nigeria’s oil sector, which plays a very important part in driving the nation’s financial system.
The Regular Oil Marketplace Report (MOMR) for April 2024, launched by the Organisation of Petroleum Exporting International locations (OPEC) had revealed that the country’s oil generation recorded a next consecutive decrease because the starting of 2024.
The OPEC MOMR indicated that the state developed 1.322 million barrels per day of crude in February 2024, but this dropped to 1.231mbpd in March, symbolizing a drop of 91mbpd.
By Emmanuella Anokam