FG Plans Policy Evolution To Maximize Revenue From Crude Oil Wells

…Assures Of Increase In Crude Oil Production

The Federal Government on Friday said it is actively engaged in policy evolution that would maximize the utilization of all available wells in Nigeria.

The strategic approach, according to the Minister of State for Petroleum Resource (Oil), Sen. Heineken Lokpobiri, will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves.

The minister in a statement signed by his Special Adviser on Media and Communications, Nneamaka Okafor explained that increase in revenue will also empower the government to fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget.

In response to recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024, the minister assures that measures are being taken to address the situation to, not only restore production to previous levels, but to also increase it.

He clarified that the reported production shortfall was primarily due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some Oil companies operating in Nigeria.

The Minister also 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.

The Minister further assures of renewed hope as Nigeria navigates through these challenges, while urging all to remain committed to ensuring the sustainability and growth of Nigeria’s oil sector, which plays a crucial role in driving the nation’s economy.