The Minister of State for Petroleum Resources, Heineken Lokpobiri, has revealed the Federal Government’s ambitious target to increase crude oil production to a minimum of two million barrels per day by the end of 2023.
He emphasized the government’s commitment to reviving the country’s refineries and ensuring accountability in the rehabilitation process.
Lokpobiri’s statement came during a press briefing following a three-day retreat at the State House Conference Centre in Abuja. He stressed the importance of the Nigerian National Petroleum Company Limited (NNPCL) in rehabilitating the refineries to reduce fuel scarcity and promote reliance on natural gas.
Despite significant investments of over $25 billion in refinery repairs over the past decade, the refineries have operated at less than 30 percent capacity. This led to a call for a forensic audit and recommendations from the 9th National Assembly for rehabilitation, especially for the Warri and Port Harcourt refineries.
In response to questions about the rehabilitation timeline, Lokpobiri provided updates on the refinery phases.
He noted that Phase 1 of Port Harcourt refinery is set to be completed by the end of the year, with further phases and the entire Kaduna refinery slated for next year.
Lokpobiri’s focus is on increasing crude production to ensure sufficient feedstock for these refineries and upcoming modular refineries. He has also streamlined the licensing process for oil-related activities while emphasizing compliance with license terms.
Lokpobiri underscored the importance of ramping up crude oil production to address the country’s fuel crisis, highlighting that without increased production, the midstream and downstream sectors will also face challenges.
The Minister’s goal is to overcome past production challenges caused by insecurity, lack of investments, and various concerns.
He expressed confidence in achieving a significant increase in daily crude production to approximately two million barrels before the year’s end.
