Federal Government Unveils Plans for Maximizing Revenue from Crude Oil Wells

In a bid to bolster revenue from Nigeria’s crude oil sector, the Federal Government has announced a strategic policy evolution aimed at optimizing the utilization of all available oil wells in the country.

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, revealed that this proactive approach is geared towards increasing production levels, thereby boosting crucial revenue streams vital for stabilizing the nation’s foreign exchange reserves.

In a statement issued by his Special Adviser on Media and Communications, Nneamaka Okafor, the minister emphasized that the enhanced revenue would facilitate the government’s efforts in fulfilling its obligations to provide essential infrastructure, as outlined in the 2024 budget.

Addressing recent concerns over a dip in oil production during the first quarter of 2024, Senator Lokpobiri assured stakeholders that measures are underway to not only rectify the situation but also to surpass previous production levels.

He attributed the reported production shortfall primarily to issues encountered on the Trans Niger Pipeline, compounded by maintenance activities undertaken by oil companies operating in Nigeria.

The Minister announced that these challenges have been effectively tackled, with production anticipated to rebound to its former levels in the coming days. He expects Nigeria’s oil production, including condensate, which stood at approximately 1.7 million barrels per day (bpd) before these disruptions, to soon return to normalcy.

Senator Lokpobiri expressed optimism about overcoming these obstacles and urged all stakeholders to remain steadfast in ensuring the sustainability and growth of Nigeria’s oil sector, a cornerstone of the nation’s economy.