The federal government has said that current security interventions in the Niger Delta would help restore oil production to 1.6 million barrels per day.
In a statement by Director (Information) in the Ministry of Petroleum Resources, Enefaa Bob-Manuel, that amount will be complimented by condensates.
“Nigerian delegation led by Ambassador Gabriel Aduda who was also confirmed OPEC Governor for Nigeria at the meeting in Vienna, is confident that the ongoing security intervention under the leadership of His Excellency President Bola Ahmed Tinubu GCFR, will enable the restoration of Nigeria’s production to the 1580KBD crude oil only.
“This will be complemented by condensate of about 400KBD ultimately upping Nigeria’s crude oil and condensate production to about Two (2) Million Barrels per day in 2024,” she said.
The ministry further said that Nigeria alongside other members of the Oganization of Petroleum Exporting Countries (OPEC) and Non-OPEC members at the Joint Ministerial Management Committee (JMMC) meeting agreed to a cut in production volumes in order to ensure global oil market stability.
“Furthermore, Nigeria, Congo and Angola have agreed that the highest production volumes of the last Six (6) months (November 2022 – April 2023) be used as the basis for the determination of their 2024 production quota, subject to a review in November at the 2nd annual meeting of the JMMC.
“However, the current OPEC quota would be maintained till the end of 2023.
“This implies that Nigeria can ramp up its production up to its current quota of 1742KBD and subsequently be capped at 10% less as its quota for 2024 subject to verification by independent secondary sources,” the statement said.
