The Minister of State Petroleum Resources, Heineken Lokpobiri has said that Nigeria will meet and surpass the 2024 crude oil budget benchmark of 1.7 million barrels per day.
He made this statement at an Interactive Session on Creating Value and Enabling Investments in Nigeria’s Oil and Gas Sector held in Abuja.
Nigeria’s oil production amounted to 1.5 million barrels per day in 2022, an increase when compared to the previous year.
Between 1998 and 2021, figures decreased by approximately 540 thousand barrels per day.
The trajectory of sector growth since the inception of president Tinubu’s administration shows that the country has a capacity of 2 million barrels per day.
As at 1st of January this year, the country’s oil and condensate reserves stood at 36.966 billion barrels.
This represents 31.060 billion barrels of oil and 5.906 billion barrels of condensate.
Speaking at this interactive session the minister for state petroleum oil, expresses his commitment to fostering collaboration with stakeholders to enhance the country’s oil and gas sector amidst a target for the year 2024.
The target is 2million barrels per day production surpassing the 1.7million benchmark.
Industry players were assured that the government is working diligently to address the challenges facing the sector and is committed to providing the best playing field for both International Oil Companies (IOCs) and independents to make the necessary investments.
