The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has stated that Nigeria will reach and exceed the 2024 crude oil production budget target of 1.7 million barrels per day (bpd).
Lokpobiri stated this during a stakeholder interactive session on Creating Value and Enabling Investments in Nigeria’s Oil and Gas Sector, hosted by Chevron Nigeria Plc.
Lokpobiri said in a statement issued on Tuesday by his Special Adviser, Media, and Communication, Nneamaka Okafor, that the country can boost crude oil production to 2 million bpd.
The minister expressed his commitment to promoting collaboration with stakeholders to improve the country’s oil and gas sector.
“The success of the upstream sector will determine the success of the midstream and the downstream.
“And as a government, we are willing to sustain that engagement with the stakeholders so that in 2024 and beyond, we will ensure that we produce not just 1.7 million bpd that we need for our budget but ensure that we produce what is needed to meet the local demand,” he said.
The minister emphasized the sector’s growth trajectory since the current administration assumed office, beginning at around 1 million barrels per day and slowly climbing to 1.4 million barrels per day.
He highlighted his desire to maintain this rising trend, emphasizing the government’s commitment to fostering a conducive climate for stakeholders to grow.