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Oil production climbs to 1.7 million barrels daily —FG

Oil production climbs to 1.7 million barrels daily —FG

The Federal Government on Friday said that Nigeria’s oil production had climbed from 1.1 million barrels per day in August 2023 to over 1.7 million barrels per day.

Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), said this during a meeting with journalists on Friday at his office in Abuja.

He said, “We have a sole agenda to increase crude oil production. Once you increase production, there will be more revenue for Nigeria, which is the recipe for virtually all the problems we have in this country.

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“You know that Nigeria is very dependent on oil, even our budget is always predicated on how many barrels of oil we produce. However, the non-oil sector is thriving, for us to solve our problems we need to earn enough forex.

“And a substantial part of our forex comes from the oil sector. So my ambition is to see how I can lead the sector to increase production and how we can get more revenue to be able to fund strategic national projects.

“We are already increasing production steadily. As of August, it was about 1.1mbpd, but as of today it has increased to between 1.3 and 1.4mbpd exclusive of condensates, if you include condensates it will be about 1.7mbpd.

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