FG to Increase Crude Oil Production to 2Million BPD by December
By Fatima Saka
The Federal Government of Nigeria has revealed a two million barrel per day crude oil production target by the end of the year.
Minister of State for Petroleum Resources (Oil), Mr. Heineken Lokpobiri, who made the revelation at a recent meeting with the Energy Correspondent Association in Abuja, said the federal government has been able to reduce insecurity which hitherto hampered oil production.
He also pointed out that the federal government was working assiduously to ramp up crude oil production to two million bpd by the end of 2023.
The minister also informed that as of last month, it was 1.1million bpd while currently, it has increased between 1.3 to 1.4 million bpd.
“My sole agenda is to increase production, once we increase production we will get more revenue for the country. You know Nigeria is still more dependent on oil.
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“Though the non-oil sector is also supporting the economy, a substantial part of our forex comes from oil.
“So, my ambition is to see how I can lead the sector to increase production so that we can get more revenue to deal with the fund and strategic rationale projects in the country.
“Today, we are doing about 1.4 million barrels of crude. So, we are steadily increasing but our target is to see how we can get to two million barrels,” he said.
Lokpobiri, urged relevant stakeholders to assist the federal government I’m achieving the target, saying since resumption of office, he had been interacting with some of the International Oil Companies and local producers. He noted that the engagement was already yielding results.
Lokpobiri further pointed out that some of the solutions might not be immediate but added that once identified there would be provision of a good framework to address those problems.
He further emphasized that the federal government was bent on rebuilding the confidence of investors and rekindling the industry to become more competitive.
Earlier, the President of the association, Mr. Victor Nnodim, reiterated the association’s readiness to collaborate with the federal government and sought the minister’s support in the association’s activities.
