Agency report
In anticipation of an upcoming surge in local demand for crude oil, Senator Heineken Lokpobiri, the Minister of State Petroleum Resources, has revealed plans to exceed the 2024 budget target of 1.7 million barrels per day in oil production.
The fully operational 650,000 barrels per day Dangote Refinery and the 210,000 barrels per day Port Harcourt Refinery, owned by NNPC Limited, are expected to play a pivotal role in boosting local refining and putting an end to decades of petrol importation.
During a stakeholder’s interactive session organized by Chevron Nigeria Plc, Senator Lokpobiri shared his vision for collaboration with stakeholders to enhance Nigeria’s oil and gas sector, emphasizing the country’s capability to increase crude oil production to two million barrels daily.
The Minister highlighted the success of the upstream sector as crucial to the overall success of the midstream and downstream, expressing the government’s commitment to sustaining engagement with stakeholders.
Senator Lokpobiri underscored the administration’s dedication to creating an enabling environment for stakeholders, citing the trajectory of oil production growth from one million barrels per day to a steady increase of 1.4 million barrels per day since the current administration took office.
With optimism, he declared his ambition to continue this upward trajectory, ensuring that the country produces not only the 1.7 million barrels per day needed for the budget but also meets the rising local demand for petroleum products.
The Minister’s commitment to fostering collaboration and achieving ambitious targets reflects a strategic approach to position Nigeria’s oil and gas sector for sustained growth in the coming years.
