Categories: Economy And Business Top Stories

Trans-Niger Pipeline Problems Responsible For Low Crude Oil Production – Lokpobiri

Advertisement
Advertisement

Lokpobiri has claimed that the Trans-Niger pipeline problems were responsible for the low crude oil production in Q1.

 

NewsOnline Nigeria reports that the Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri has attributed the low crude oil production in the first quarter of the year to issues with the Trans-Niger pipeline and maintenance activities by some oil companies.

 

This Nigeria news platform understands that the Minister in a statement said the issues have been resolved and the country would soon get to churning out 1.7 million barrels of oils daily.

 

ALSO: FG Blasts Northern Elders Over Regret, Threat Not To Vote Tinubu In 2027

 

Furthermore, the Minister noted that the federal government is currently working on policies geared towards maximizing the use of all available wells across the country in a bid to generate revenue to meet budget expenses and foreign exchange to stabilise the FX market.

 

He stated, In response to recent concerns about a shortfall in our oil production during the first quarter of this year, I want to assure everyone that we’re taking decisive measures to address the situation. The reported shortfall was mainly due to issues on the Trans Niger Pipeline and maintenance activities by some oil companies.”

 

“I’m pleased to announce that we’ve resolved these issues, and production is expected to return to previous levels very soon. Our oil production, including condensate, which was at approximately 1.7 million barrels per day, will soon be restored.”

 

Recall that Nigeria’s crude oil production for March dropped to 1.23 million bpd according to OPEC’s monthly oil market report. The figure makes it the third consecutive month the country’s average oil production will fall below the budget benchmark of 1.78 million bpd.

 

In January, Nigeria’s average daily oil production stood at 1.427 million bpd while that of February was lower at 1.32 million bpd. The dismal oil production for March led to Nigeria’s dethronement by Libya as Africa’s biggest oil producer.

Advertisement
NewsOnline Nigeria

Recent Posts

  • Crime Watch

BREAKING: Popular Catholic Priest Kidnapped In South East (PHOTOS)

A popular Catholic Priest has been kidnapped in the South East.   NewsOnline Nigeria reports…

17 hours ago
  • Top Stories

UK Conservative Party Leader Kemi Badenoch Snubs Tinubu Government

UK Conservative Party Leader Kemi Badenoch has reportedly snubbed the Tinubu Government.   NewsOnline Nigeria…

17 hours ago
  • Economy And Business
  • Headline

BREAKING: Dangote, Marketers Fight Dirty Over Plots To Monopolize Oil Sector

Dangote and marketers fight dirty over alleged plots to monopolize the oil sector.   NewsOnline…

17 hours ago
  • Exchange Rates

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 7th November 2024

The black market dollar to Naira exchange rate on Thursday 7th November 2024 can be…

17 hours ago
  • Economy And Business
  • Headline

BREAKING: Father Mbaka Breaks Silence Over Famine, High Cost Of Living

Father Mbaka has reacted to the famine and high living costs in Nigeria.   NewsOnline…

17 hours ago
  • Headline
  • World

BREAKING: President Trump Vows To Carry Out Largest Deportation In History

President Trump has vowed to carry out the largest deportation in history from his first…

17 hours ago