MINISTER SAYS Nigeria’s crude oil production has increased by more than 80 per cent since 2023, according to Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri. Lokpobiri made the statement in Yenagoa, Bayelsa State, while discussing developments in the country’s oil and gas industry. According to the minister, Nigeria was producing less than one million barrels per day of crude oil and condensate when the current administration assumed office in 2023. He said the figure had risen to 1.824 million barrels per day, including condensate, citing the latest weekly report of the Nigerian Upstream Regulatory Commission. Lokpobiri attributed the reported increase to reforms and increased activity across the oil and gas sector. He said the number of active drilling rigs had also increased significantly, while describing investment and new drilling activities as important developments for the sector. The minister further attributed some of the changes to government decisions concerning major oil industry transactions. However, the production figure cited by the minister includes condensate, which is treated differently from crude oil in some industry reporting and by OPEC. The latest figures are therefore being presented as the minister’s assessment of Nigeria’s overall crude and condensate production. Nigeria’s oil output remains closely watched because petroleum revenues continue to play an important role in government finances and foreign exchange earnings.
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