At a stakeholders’ interactive session hosted by Chevron Nigeria Plc, Senator Heineken Lokpobiri, the Minister of State Petroleum Resources (Oil), affirmed Nigeria’s ambition to exceed the 1.7 million barrels per day (bpd) crude oil production benchmark set for 2024.
During the session, Lokpobiri emphasized the nation’s capability to elevate crude oil production to 2 million bpd, stating that the government is devoted to bolstering collaborations to fortify the country’s oil and gas sector.
“The success of the upstream sector will determine the success of the midstream and the downstream,” highlighted Lokpobiri, stressing the government’s commitment to stakeholder engagement for achieving the 2024 production target and catering to local demand.
Commencing the discussion by tracing the sector’s growth trajectory under the current administration, Lokpobiri noted the steady increase from 1 million to 1.4 million barrels per day. He expressed the administration’s resolve to maintain this upward trajectory by ensuring a conducive business environment.
“As a new government that is business-friendly, with a clear mandate to ramp up production, we are willing to ensure that our fiscal regime is competitive globally,” affirmed Lokpobiri, urging stakeholders to openly address concerns and collaborate for mutual progress.
Assuring stakeholders of the government’s commitment to resolving sector challenges, Lokpobiri highlighted ongoing refinery rehabilitation efforts and the push to ensure the functionality of modular refineries to boost the country’s refining capacity and meet global demands.
Despite setting an average crude oil production benchmark of 1.78 mb/d and a crude oil price benchmark of 77.96 dollars in the Appropriation Bill, the Minister emphasized the nation’s readiness to exceed these targets, appealing for collective efforts in building a robust oil and gas sector that contributes to Nigeria’s economic growth.
NAN
