The Minister of State for Petroleum Resources, Heineken Lokpobiri, revealed that the Federal Government attracted foreign investors to increase oil production to 1.8 million barrels per day.
This marks a rise from one million barrels per day in 2023, including condensates.
This was disclosed by Lokpobiri in a statement by on Monday.
The oil minister revealed that the presidential directive to increase oil production to a sustainable level initiated a transformative journey in the oil sector.
“This visionary directive by President Bola Tinubu, as broad as it was, became the cornerstone of my commitment and that of my team,” he stated.
Lokpobiri explained that he and his team fully embraced the directive by actively engaging stakeholders both locally and internationally.
“We embraced it wholeheartedly, engaging stakeholders both domestically and internationally to build synergy and foster partnerships.
“Through these efforts, we successfully attracted significant investments and strengthened institutional frameworks, driving the remarkable transformation we see today in the sector.
“From the production level of 1mbpd when we began, we have boosted output to 1.8mbpd, inclusive of condensates, and continue to aspire for even greater heights,“ he noted.
He cited the creation of the Africa Energy Bank as one of the administration’s notable achievements.
“Our achievements include attracting foreign investment decisions, winning the bid to host the Africa Energy Bank, sustaining peace across host communities through robust community engagements, and fully deregulating the downstream sector, ensuring constant availability of petroleum products.
“We have also eliminated bureaucratic bottlenecks in licensing, facilitated capacity building for indigenous players, and introduced numerous reforms too extensive to list.
“Reflecting on this journey, it is evident we have made remarkable strides. From where we started to where we are now, the progress is undeniable. With these accomplishments, the future promises even greater growth and development for the benefit of Nigerians,” he stated.
