- Minister Lokpobiri attributes Q1 2024 crude oil production decline to Trans Niger Pipeline issues and certain oil companies’ maintenance activities
- Lokpobiri assures that challenges have been addressed, expecting crude oil production to rebound to previous levels in the coming days
Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), has identified challenges with the Trans Niger Pipeline and maintenance activities by certain oil companies as the reasons behind the decline in crude oil production in the first quarter of 2024 (Q1 2024).
Lokpobiri assured that the issues have been adequately addressed, with production expected to rebound to previous levels in the coming days.
In a release, his Special Assistant, Media and Communications, Nneamaka Okafor Lokpobiri, said the government is intensifying efforts to restore production to the previous level of 1.7 million barrels per day and exceed it.
According to the statement, “In response to recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024, the Minister of State for Petroleum Resource (Oil), Sen. Heineken Lokpobiri, assures that measures are being taken to address the situation to restore production to previous levels and increase it.
The statement outlined Lokpobiri’s commitment to addressing concerns regarding the shortfall in oil production. He emphasized the Ministry of Petroleum Resources’ active engagement in policy formulation to maximise the utilization of Nigeria’s available wells.
“This strategic approach will facilitate production ramp-up, bolstering vital revenue to stabilize the nation’s foreign exchange reserves. The increased revenue will also empower the government to fulfil its commitments in providing essential infrastructure, as outlined in the 2024 budget,” Lokpobiri affirmed.