Nigeria has the capacity to ramp up crude oil production above 2.5mbpd, provided we drive more investment into the oil sector and create a conducive operating environment for investors, of which we have been active on. These are the words of the Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri
He stated this at the launch of the Project 1MMBOPD Initiative, marking the 3rd anniversary of the NUPRC.
According to him ,” With our current production level stands at approximately 1.7 mbpd, including condensates, and given the infrastructure and capacity available, we have the potential to surpass this target with collaboration between Government, industry leadership and the private sector as we implement the PIA to boost investor confidence and foster an environment where investments can thrive”.
He further stated that “ our indigenous private sector can pool resources to invest in underutilized oil wells, fields and other shores, and compete with the IOCs who are going deep offshore.” Lokpobiri said that by prioritizing problem-solving actions and working together, we can fully realize the potential of Nigeria’s oil industry and accelerate the nation’s economic transformation”.
About Author
