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

The Minister of State for Petroleum Resources, Heineken Lokpobiri, has attributed to challenges with the Trans Niger Pipeline and maintenance operations by oil companies.

Naija News recalls that the Nigerian oil industry  faced a notable decline in production in February and March 2024,

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 production figures, which include condensate, are significantly lower than the 1.78 million barrels per day projected in the 2024 national budget.

Responding to these setbacks, Lokpobiri’s office issued a statement assuring the public and stakeholders of efforts to rectify the situation.

“The Minister is also pleased to announce that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days,” the minister’s media aide, Nnemaka Okafor.

The statement further disclosed that the petroleum ministry was actively engaged in policy evolution to enhance oil output.

“Furthermore, 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 will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves,” Lokpobiri stated.