There seems to be hope in the offing for Nigeria as its dwindling daily oil production turned the corner in April, rising marginally from 1.23 million barrels per day in March to 1.28 mbpd, according to the Organisation of the Petroleum Exporting Countries.

OPEC, in its Monthly Oil Market Report for May, said Nigeria’s oil production added 50,000 barrels daily in the last month after it fell in recent times during the month before.

The nation’s crude production fell from 1.32 million barrels per day in February to 1.23 million barrels per day in March, according to a report issued by the organization on Tuesday.

Production dropped from 1.427 mbpd in January to 1.322 mbpd, according to primary sources.

The continuous drop in production came amid stakeholders’ concerns over the loss of revenue due to the failure of the government to ramp up production.

Recently, the Chairman of the Petroleum Technology Association of Nigeria, Wole Ogunsanya, said the country was losing a lot of revenue daily due to its inability to tackle dwindling oil production.

According to Ogunsanya, if Nigeria could retain between 60 and 70 per cent of the oil and gas value chain in the country, it stands a better chance of being among the top 20 economies in the world.

He pointed out that the country was underproducing to the tune of at least 500,000 barrels per day, which was a huge loss to the country.



But the Federal Government said the drop in Nigeria’s crude oil production was due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating across the country.

It, however, stated that efforts were on to fix the pipeline, adding that this would enable the country to produce up to 1.7 million barrels per day of crude oil and condensates.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, claimed that the drop in production was due to issues encountered on the Trans Niger Pipeline.

“In response to recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, assures (Nigerians) that measures are being taken to address the situation to, not only restore production to previous levels but to also increase it.

“The minister clarifies that the reported production shortfall was primarily due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating in Nigeria.

“The minister is also pleased to announce that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days,” a statement by Lokpobiri’s spokesman, Nneamaka Okafor, said in April.

At a meeting with stakeholders in Lagos recently, Lokpobiri emphasised that idle oil wells and licences would be revoked and handed over to individuals with proven capacity to explore.

cbravo:
IN THE YR 2003 I AND SOME WELL MEANING ANAMBRARIAN VOTED FOR A MAN WE ALL BELIEVED WILL LEAD US TO THE PROMISE LAND .WHEN HE LOST WE ALL STOOD BY HIM THROUGH OUT HIS TIME AT THE ELECTION TRIBUNAL.                                                                                                                                                                                           I KNOW PEOPLE WHO ARE COWARDS AND CAN NOT STAND UP AGAINST AN INCOMPETENT ADMINISTRATION MAY NOT BE HAPPY WITH ME.BUT AM SAYING THIS TO BE THE FAITH OF THOSE WHO CAN SPEAK UP BUT don't KNOW HOW TO.BUT FOR THOSE COWARDS I SAY SORRY YOUR CHILDREN WILL REAP FROM IT.                                                                                                                                                                                                       ASFAR AM CONCERNED THE PRESENT ADMINISTRATION IN ANMBRA STATE HAS FAILED . THANK U ALL 4 YOUR SYMPATHETIC CONCERN ON WHY HE HAS NOT FAILED.NOT AS IF I AM AN ADMIRER OF NGIGE"S ADMINISTRATION BUT UNDER THREE YRS OF HIS ADMINISTRATION PEOPLE FELT THE IMPACT OF HIS GOVT DESPITE THE CRISIS.HOW MANY YRS HAS OBI STAYED AND WHAT IS THE CONDITION OF OUR ROAD?-HE PROMIED FIVE INDUSTRIES WE VE NOT SEEN THE FOUNDATION OF ONE.-HE PROMIED TO EMPLOY FIVE MILLION YOUTHS WE VE NO STATISTICS TO PROVE HE HAS DONE THAT.-HE LOVES THE PEOPLE SO MUCH AND PROMISED TO BRING THE GOVT CLOSER TO THE PEOPLE BUT HE HAS SEEN NOTHING WRONG IN NOT CONDUCTING LOCAL GOVT ELECTION IN THREE YRS OF HIS ADMINISTRATION.THE ORGANISATION OF AWKA THE STATE CAPITAL IS EMBARASSING ,NO ROADS ,NO PLAN , VERY DIRTY AND THE GOVERNMENT IS DOING LITTLE OR NOTHING ABOUT IT. LESS NOT BE TOO SYMPATHETIC ABOUT OUR ACCESSMENT OF THIS ADMINISTRATION. LESS NOT ALLOW OUR EMOTION TO GUIDE US.

rertylentl:
Nigeria one of world's largest crude oil producers now buys crude oil from US. Tinubu have mechanic brain

Beautifulday:


Is the economy getting better?

Is naira gaining value and stabilizing against dollar?

Crystalvivi:


That's half bag 25kg

Franklyspeakin:
see where you hero has gotten us too. 48k minimum wage

Zee0007:
.
50k to buy a bag of rice.

kokoA:
Section 2 starts from where?

SpecialAdviser:
I
15billon giving to Ugwuanyi to cling Enugu PDP ticket. 7billion paid to INEC to get declared in Abuja. 5billion to win at Enugu tribunal and 10billlon to win at Supreme court.

I believe he can turn things around with all these projects initiated but we will wait if he achieves them with quality. They are laudable projects I must say

Umueme:


You and all your noise makers don start again. Sha don't go make noise that'll provoke miscreants to start blowing pipelines. Niger Delta avengers comes to mind

9japride:
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Obidients want everyone to enjoy Nigeria wealth. But you guys aim is to pepper and exclude others from enjoying the country.

chopnaira:

I agree. I underestimated the guy alot. He is also the ring leader of the G5 that put a stop to Atiku's dream.

9japride:
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All you guys know is to conquer. You hate the people of south east but you love their oil/gas.

hedonido:
This guy is obviously a charlatan, and it was obvious from his mealy mouthed doublespeak during the election build-up.

Ode. You're going to visit that thing for what purpose exactly?

God bless the likes of Cardinal Onaekan (hope I spelt the name correctly). Not all these 'eloquent' anywhere belle face hypocrites who can't do without sucking up to power.

Arijude:
Which region is the gas deposit in? I hope it's not South East

Lizzysamuel:


Was P2P not there when naira was 420?

That's the question. Please answer

BossGerald:


And banning p2p is what needs to be done

Like p2p wasn't here when dollar was #450??

BATerians and common sense are two parallel lines that can never meet