FG committed to sustainable growth of oil sector – Lokpobiri

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By Onu Okorie

The Minister of State for Petroleum Resource Oil, Sen. Heineken Lokpobiri has assured Nigerians that the renewed hope agenda of President Bola Ahmed Tinubu is committed to ensuring the sustainability and growth of Nigeria’s oil sector, which plays a crucial role in driving the nation’s economy.

This was part of the statement made available to the media during the weekend by the Special Adviser to the Minister SA Media and Communications Nneamaka Okafor in Abuja.

She also explained that the statement was in response to recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024.

The Minister also assured that measures are being taken to address the situation to, not only restore production to previous levels, but to also increase it.

He also urged Nigerians to remain calm as Nigeria navigates through these challenges.

The minister clarifies 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 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 fulfil its commitments in providing essential infrastructure, as outlined in the 2024 budget.