Lokpobiri Aims to Double Nigeria’s Crude Oil Production by Year-end

The new Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has revealed his intention to increase Nigeria’s crude oil production from the current 1.4 million barrels per day to 2 million barrels per day by the end of the year. He said that this would be achieved by addressing the problems facing the oil sector, such as crude oil theft, low investment, and underdevelopment of oil assets.

He also said that he would collaborate with Ekperikpe Ekpo, the Minister of State for Gas Resources, to execute the policies of President Bola Tinubu’s administration that aim to transform Nigeria into a gas-based country.

He stated that boosting oil production would bring more revenue to the country, which still relies heavily on oil despite efforts to diversify the economy. He said that his main priority is to increase crude oil output, which would result in more foreign exchange earnings for the country.

He said, “My sole agenda is to increase crude oil production, which is more revenue for Nigeria. Nigeria is dependent on oil, and the budget is predicated on oil. For us to solve our problems, we need to earn enough forex. My ambition is to see how to lead the sector to increase forex.”.

The minister expressed his concern over the low oil output in the country, which he blamed on the rising insecurity in the Niger Delta region, where most of the country’s oil fields are located.

“As of today, we are doing about 1.4 barrels, but our target is to see how to hit 2 million barrels per day by the end of the year.

“The reason we are falling behind is because of the insecurity, and we are engaging all the stakeholders, which is why we are increasing production.

“I have engaged the IOCs, the midstream, the downstream, and all stakeholders, and we are addressing their challenges to ensure that we increase production capacity.

“I want to assure you that by the end of this year, you will see the difference between when we came in and what we are doing”.