Business2 years ago
Petroleum Minister Explains Decline In Nigeria’s Oil Production For February, March The Minister of State for Petroleum Resources, Heineken Lokpobiri, has pointed to challenges with the Trans Niger Pipeline and maintenance operations by oil companies as the reasons behind the decline. The Nigerian oil industry witnessed a significant drop in production in February and March 2024, according to recent data from the Nigerian Upstream Regulatory Commission (NUPRC). The latest figures indicate a decrease in oil production to 1.438 million barrels per day in March from 1.539 million barrels per day in February and 1.643 million barrels per day in January. These numbers, which include condensate, fall below the 1.78 million barrels per day projected in the 2024 national budget. In response to these challenges, Lokpobiri’s office released a statement, assuring the public and stakeholders of efforts to address the situation. “The Minister is also pleased to announce that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days,” said the minister’s media aide, Nnemaka Okafor. The statement also revealed that the Ministry of Petroleum Resources is actively involved in policy development to boost oil output. “Furthermore, the Ministry of Petroleum Resources is actively engaged in policy evolution aimed at maximizing the utilization of all available wells in Nigeria. This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves,” Lokpobiri stated.
Petroleum Minister Explains Decline In Nigeria’s Oil Production For February, March The Minister of State for Petroleum Resources, Heineken Lokpobiri, has pointed to challenges with the...
