Abuja — Heineken Lokpobiri, Nigeria’s State Minister of Oil, has asserted that the country’s daily crude oil production, including condensates, stands at 1.7 million barrels. Lokpobiri made this statement during a keynote address at an energy summit in Abuja on Wednesday.
According to Lokpobiri, Nigeria’s oil production has increased to 1.7 million barrels per day over the past year. He criticized OPEC’s figures, claiming they fail to account for condensates. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which provides official production data, has reported a daily production of 1.7 million barrels, contrasting with OPEC’s reported 1.3 million barrels.
“Our focus is to boost production. Currently, we are producing about 1.7 million barrels per day, including condensates,” Lokpobiri said. He clarified that OPEC’s quota for Nigeria is 1.5 million barrels because the organization does not include condensates in its calculations.
Lokpobiri also highlighted the progress made since he took office a year ago, noting that production was around 1 million barrels per day at that time. He emphasized that increasing production is crucial for the success of both the midstream and downstream sectors.
Nigeria’s OPEC Membership Stays Intact
Lokpobiri reaffirmed Nigeria’s commitment to OPEC, stating that the country has no intention of leaving the organization. Instead, Nigeria aims to advocate for an increase in its production quota to 2 to 3 million barrels per day.
He shared his experience advising Angola against leaving OPEC, stressing the importance of being part of an international body to effectively market oil globally. “Oil is a global commodity. To sell it effectively, you must be part of an international organization,” Lokpobiri stated.
He also mentioned his ongoing discussions with global counterparts, aiming to make Nigeria a focal point in upcoming OPEC meetings. “You either belong to OPEC or OPEC+. Selling oil in isolation is not feasible. Nigeria remains committed to OPEC and will seek an increased quota,” he added.
Sector Challenges and Production Goals
The Nigerian oil sector faces ongoing issues, including insecurity, low investment, and unresolved oil asset transfer approvals. These challenges have led to stagnation in production levels.
Last month, the Nigerian National Petroleum Company Limited (NNPCL) announced efforts to address these issues. Despite these efforts, Nigeria’s crude oil production for July, according to OPEC, rose to 1.307 million barrels per day, up from 1.276 million barrels in June. OPEC’s report also indicated that Nigeria remains Africa’s largest oil producer, with Libya producing 1.175 million barrels per day in July.
Lokpobiri has set a goal for Nigeria to reach a daily production of 2 million barrels by the end of the year.