Thursday, June 20, 2024

Oil Production Now 1.7M Barrels Daily- Federal Govt.

The Federal Government, on Friday, announced that Nigeria’s oil production has increased to about 1.7 million barrels per day, up from the 1.1mbpd recorded in August 2023.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this in a session with journalists at his office in Abuja on Friday.

He said, “We have a sole agenda and it is to increase crude oil production. Once you increase production there will be more revenue for Nigeria and that is the recipe to virtually all the problems we have in this country.

Oil Production Hits Highest Barrels/day in 2023

“You know that Nigeria is very dependent on oil, even our budget is always predicated on how many barrels of oil we produce. Although the non-oil sector is thriving, for us to solve our problems we need to earn enough forex.

“And substantial part of our forex comes from the oil sector. So my ambition is to see how I can lead the sector to increase production and how we can get more revenue to be able to fund strategic national projects.

“We are already increasing production steadily. As at August it was about 1.1mbpd, but as at today it has increased to between 1.3 and 1.4mbpd exclusive of condensates, if you include condensates it will be about 1.7mbpd.”

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