Why oil production dropped for two consecutive months – Minister

Heineken Lokpobiri

The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri has explained that drop in oil production in the months of February and March, 2024 was caused by issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating in the country.

March oil production data released by the Nigerian Upstream Regulatory Commission, NUPRC, yesterday showed that production fell for the second consecutive month to 1.438 million barrels per day compared to 1.539 million barrels per and 1.643 million barrels per day recorded in the months of February and January respectively. The figures include condensate oil production.

The production volume fell significantly short of the 1.78 million barrels per day contained in the 2024 budget.

READ ALSO: Heineken Lokpobiri: Nigeria’ll witness sustainable increase in oil production
Lokpobiri in a statement by his media aide, Nnemaka Okafor assured that measures were being taken to address the situation to, “not only restore production to previous levels, but to also increase it”.

“The Minister is also pleased to announce that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days.

“He anticipates that Nigeria’s oil production, including condensate, which was approximately 1.7 million barrels per day (bpd) prior to these developments, will soon be restored.

“Furthermore, the Ministry of Petroleum Resources is actively engaged in policy evolution aimed at maximizing the utilization of all available wells in Nigeria. This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves. The increased revenue will also empower the government to fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget”, the statement added.

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