Lokpobiri Reinstate Commitment to Increased Olil Production
Minister of State for Petroleum Resources, Oil, Sen. Heineken Lokpobiri, has reaffirms the Ministry’s commitment towards ramping up oil production to meet and exceed the budgetary target of 2 mbpd.
The Minister made his position known in a statement issued at the weekend through the SA Media and Communication to the Minister, Nneamaka Okafor.
The statement quoted Lokpobiri as saying “As a policy, our Ministry whose output is critical to fulfilling a condition precedent for the proposed 2025 National Budget, we remain fully committed to ramping up oil production to meet and exceed the budgetary target of 2 mbpd”
I reaffirmed this commitment during my appearance at the joint meeting of the National Assembly on Budget Defense.
I highlighted our significant progress in crude oil production over the past year.
From a modest baseline of 1 mbpd, inclusive of condensate, we have successfully scaled up production to 1.8 mbpd.
This accomplishment underscores our capacity and readiness to meet the 2025 crude oil production benchmark of 2mbpd, upon which the budget is premised.
With renewed strategies and collaborative efforts, we are poised to achieve this year’s production target of 2 mbpd and above, ensuring sustainable economic growth.
