Nigerian govt targets 2mbpd crude oil production in 2024

The Federal Government of Nigeria has set a target of two million barrels per day crude production in 2024.

This is about 500,000bpd higher than the approved quota by the Oil Producing and Exporting Countries (OPEC) and also above the current production output of 1,466,185 barrels per day of crude oil production in November 2023 recorded by the country.

The Minister of State for Petroleum Resources, Heineken Lokpobiri made this known on Tuesday while appearing on Arise News programme.

He expressed optimism that the country will be producing up to 2 million barrels per day, a combination of crude oil and condensate production and can even achieve higher production figures.

READ ALSO:Nigeria records 127 crude oil theft incidents in one week, says NNPCL

The Minister also said that this is made possible due to the administration’s efforts towards the fight against crude oil theft, and insecurity in the oil-producing areas of the Niger Delta. According to him, these efforts will bring about sustainable crude oil production in the country.

Hear him; “In the past seven years or more, there has been no fuel queue across the country, that did not happen by accident, it is a product of careful planning and execution. I can assure you that our projection for the year 2024 will be to surpass 2 million barrels per day and we will achieve it.

When I came in, we were doing about a million barrels, today, we are doing about 1.7 million barrels per day, inclusive of condensates, so we can fund our budget comfortably. But we can do a lot more and I am already engaging all the companies about their plan for 2024 so that we can sustain this momentum.”

Lokpobiri also stated that President Tinubu has provided the needed leadership for a turnaround in the oil sector, targeting increased production for the benefit of the economy.

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