Why crude oil production dropped – Minister

Minster of State for Petroleum Resource (Oil), Heineken Lokpobiri, has blamed the shortfall in crude oil production in the first quarter 2024 (Q1 2024) on challenges with the Trans Niger Pipeline and the maintenance carried out by some oil companies.

The Minister also announced that the issues have been adequately addressed, adding that production is expected to return to its previous levels in the coming days.

In a release by his Special Assistant, Media and Communications, Nneamaka Okafor, Lokpobiri said the government is intensifying efforts to restore the production to previous level of 1.7million barrels per day and also exceed it.

According to the statement: “In response to recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024, the Minster of State for Petroleum Resource (Oil), Sen. Heineken Lokpobiri, assures that measures are being taken to address the situation to, not only restore production to previous levels, but to also increase it.

He said 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.

He said 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 fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget,” he stated.