By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Times ReportersTimes Reporters
  • Home
  • News
  • Politics
  • Business
    • Economy
  • Sports
  • Entertainment
  • About Us
  • Bookmarks
Search
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Reading: My Ambition Is Grow Crude Production To 2 Million Barrels Per Day By December -Lokpobiri
Share
Sign In
Notification Show More
Latest News
FG to unveil N50m STEMM grant for student innovation
Business Education Metro News
RTIS board warns of social media impact on children
Education Metro News
Academy urges govt support, celebrates 11th graduation
Education Metro News
Land incentives, govt. partnership crucial to addressing housing deficit — Group
Infrastructure Metro News
Parents hail Global Model Academy at 2025 graduation ceremony
Education Media Metro News
Aa
Times ReportersTimes Reporters
Aa
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Search
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Have an existing account? Sign In
Follow US
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Times Reporters > Business > Oil & Gas > My Ambition Is Grow Crude Production To 2 Million Barrels Per Day By December -Lokpobiri
NewsOil & Gas

My Ambition Is Grow Crude Production To 2 Million Barrels Per Day By December -Lokpobiri

Publisher
By Publisher Published October 14, 2023
Share
4 Min Read
SHARE

 

Heineken Lokpobiri, the Minister of State, Ministry of Petroleum Resources on Friday stated that his ambition is to increase crude production to get more revenue for the federation.

The Minister of State, who gave the hint gave during a brief familiarization meeting with energy correspondents in Abuja, noted that already deliberate steps are being taken to ensure that crude oil production moves from its current 1.4million barrels per day to 2 million barrels per day in December.

According to him, oil and gas sector have become more competitive especially with the discovery of oil in more countries in Africa.

He said that International Oil companies (IOCs) are now looking at other countries for better deal and more return on their investment.

Lokpobiri however, noted that with the passage of the Petroleum Industry Bill (PIB) investors have been reassured of stable oil and gas business environment.

He said that government will do everything possible to support every investment in the oil and gas sector and also ensure that Nigeria takes its rightful place as a net exporter of crude and refined products.

The minister said that his main agenda is to ensure increase in crude oil output which will result to more Forex inflow into the country.

He said, “My sole agenda is to increase crude oil production which is more revenue for Nigeria. Nigeria is dependent on oil and budget is predicated on oil. For us to solve our problems, we need to earn enough Forex. My ambition is to see how to lead the sector to increase Forex”.

The Minister lamented on the low oil output in the country which he attributed to the rising insecurity in the Niger Delta region.

“As today, we are doing about 1.4 barrels but our target it to see how to hit 2 million barrels per day by the end of the year.

“The reason why we are lacking behind is because of the insecurity and we are engaging all the stakeholders and that is why we are increasing production.

“I have engaged the IOCs, the mid-stream, the down-stream and all stakeholders and we are addressing their challenges to ensure that we increase production capacity.

“I want to assure you that by the end of this year, you will see the difference between when we came in and what we are doing”.

Lokpobiri remarked that government is aware of the attractive overtures dangled to IOC by other African counties but assured that the right investment template will be created to ensure that the IOC are comfortable with the business climate in the country.

“The industry is becoming more competitive as more African countries are discovering oil. OICs now have more options but we have assured them that there is no place like Nigeria. With the passage of PIB, the regulatory framework is now stable for investment” he said.

Note that in 2001, Nigeria recorded its highest oil production capacity with its crude oil production averaging around 2,200,000 barrels (350,000 m3) per day but it witnessed a sharp decline to 798 million barrels in 2014 and 776 million barrels in 2015.

Like this:

Like Loading...

Related

You Might Also Like

FG to unveil N50m STEMM grant for student innovation

RTIS board warns of social media impact on children

Academy urges govt support, celebrates 11th graduation

Land incentives, govt. partnership crucial to addressing housing deficit — Group

Parents hail Global Model Academy at 2025 graduation ceremony

TAGGED: Heineken Lokpobiri, Minister of State Petroleum

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Publisher October 14, 2023
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Copy Link Print
Share
Previous Article Insecurity: Wike Establishes JTF on Cross-border Crimes , ‘One-chance’
Next Article Adultery: Portuguese football great Cristiano Ronaldo faces 99 lashes
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
Telegram Follow

– Member of –

- Advertisement -
Ad imageAd image

Latest News

FG to unveil N50m STEMM grant for student innovation
Business Education Metro News July 26, 2025
RTIS board warns of social media impact on children
Education Metro News July 26, 2025
Academy urges govt support, celebrates 11th graduation
Education Metro News July 26, 2025
Land incentives, govt. partnership crucial to addressing housing deficit — Group
Infrastructure Metro News July 26, 2025

You Might also Like

BusinessEducationMetroNews

FG to unveil N50m STEMM grant for student innovation

July 26, 2025
EducationMetroNews

RTIS board warns of social media impact on children

July 26, 2025
EducationMetroNews

Academy urges govt support, celebrates 11th graduation

July 26, 2025
InfrastructureMetroNews

Land incentives, govt. partnership crucial to addressing housing deficit — Group

July 26, 2025
Times ReportersTimes Reporters
Follow US

© 2024 Times Reporters | Deigned by AuspiceWeb Graphics. All Rights Reserved.

  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
Join Us!

Subscribe to our newsletter and never miss our latest news!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?
%d