Petroleum Minister Reveals Why Nigeria’s Oil Production Dropped In February, March

Petroleum Minister Reveals Why Nigeria’s Oil Production Dropped In February, March

The Minister of State for Petroleum Resources, Heineken Lokpobiri, has attributed the decline in Nigeria’s oil production in February and March to challenges with the Trans Niger Pipeline and maintenance operations by oil companies…..READ ALSO Stop Parading Yourself As Petroleum Minister – Falana Tells Tinubu With ‘Strong’ Reason

Nigeria’s oil industry experienced a notable decline in production during these months. According to the latest figures released by the Nigerian Upstream Regulatory Commission (NUPRC), oil production fell to 1.438 million barrels per day in March from 1.539 million barrels per day in February and 1.643 million barrels per day in January. These figures, including condensate, are significantly lower than the 1.78 million barrels per day projected in the 2024 national budget.

In response to these setbacks, Lokpobiri’s office issued a statement assuring the public and stakeholders of efforts to rectify the situation. The statement indicated that the issues causing the decline had been adequately addressed, and production is expected to return to previous levels in the coming days.

The statement also revealed that 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 is intended to enable the country to ramp up production, generating vital revenue to stabilize the nation’s foreign exchange reserves.

The assurance from the petroleum minister’s office underscores the government’s commitment to addressing challenges in the oil sector and maximizing Nigeria’s oil production capacity.

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