Despite November oil Deep Nigeria aims to exceed 2024 oil budget

The Federal Government on Tuesday announced that, in spite of a slight decrease in oil output in November 2023, Nigeria would reach and exceed the benchmark for the 2024 crude oil budget of 1.7 million barrels daily.
Nigeria’s production of crude oil, excluding condensates, fell to 1.25 million barrels per day last month, according to the most recent report by AllNews.ng on Tuesday.
With condensates excluded, Nigeria produced 1.351 million barrels of crude oil per day in October, up slightly from the 1.346 million barrels per day it produced in September of this year and above the 1.181 million barrels per day generated in August.
Senator Heineken Lokpobiri, the minister of state for petroleum resources (oil), however, argued that the nation will reach its oil production target of 1.7 million barrels per day in the 2024 budget.
Speaking at a stakeholder interactive event hosted by Chevron Nigeria Plc on Creating Value and Enabling Investments in Nigeria’s Oil and Gas Sector, Lokpobiri added that the nation is capable of raising its crude oil output to 2 million barrels per day.
“The success of the upstream sector will determine the success of the midstream and the downstream sectors,” he was said in a statement released in Abuja by his media assistant, Nneamaka Okafor.
“And as a government, we are willing to sustain that engagement with the stakeholders so that in the year 2024 and beyond, we will together ensure that we produce not just the 1.7 million bpd that we need for our budget but ensure that we produce what is needed to meet the local demand.”
The minister described the growth trajectory of the sector, which began at roughly one million barrels per day and increased steadily to 1.4 million barrels per day since the current administration entered office.
He emphasised the government’s dedication to fostering an atmosphere that allows stakeholders to prosper while expressing his desire to keep things moving in the right direction.
“As a new government that is business-friendly, with a clear mandate to ramp up production, we are willing to ensure that our fiscal regime is competitive globally.
“My appeal is that this old marriage, let us manage it, sustain it and improve on it. Whatever your concerns may be, let us put them on the table to disagree to agree,” Lokpobiri stated.
He gave stakeholders confidence that the government was making the required investments and was dedicated to creating the best possible environment for Independent Oil Companies as well as International Oil Companies.
“As a country, we have the capacity to produce more than 2mbpd. We have identified the issues bedeviling the sector and are already working on them.
“I would replicate this programme with all the IOCs and independents so that we can make the sector work for all of us and Nigerians at large, and I know that 2024 will be a much better year,” he added.
In order to increase the nation’s capacity for refining and to meet local and regional demand, the minister also outlined ongoing efforts to maintain modular refineries and restore damaged refineries.

Source: allnewsng.com

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