Crude Oil Production Hits 1.7m Barrel Per Day - Lokpobiri
*Says increase, a deliberate effort to shore up country's revenue.
The Federal Government has disclosed that the country's daily crude oil production has hit the 1.7m barrel per day mark.
The disclosure was made on Friday by the Minister of State for Petroleum Resources, Heineken Lokpobiri, while speaking with newsmen.
According to the Minister, the new figure is up from the 1.1m barrel per day the country recorded in August as part of a deliberate decision to increase production capacity for increase revenue.
“We have a sole agenda and it is to increase crude oil production. Once you increase production there will be more revenue for Nigeria and that is the recipe to virtually all the problems we have in this country.
“You know that Nigeria is very dependent on oil, even our budget is always predicated on how many barrels of oil we produce. Although the non-oil sector is thriving, for us to solve our problems we need to earn enough forex.
“And substantial part of our forex comes from the oil sector. So my ambition is to see how I can lead the sector to increase production and how we can get more revenue to be able to fund strategic national projects.
“We are already increasing production steadily. As at August it was about 1.1mbpd, but as at today it has increased to between 1.3 and 1.4mbpd exclusive of condensates, if you include condensates it will be about 1.7mbpd,” he sad.
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