Nigeria's Oil Production Hits 1.8 Million Barrels Daily

Nigeria's oil production has achieved a significant milestone, reaching 1.8 million barrels per day, as reported by Heineken Lokpobiri, the Minister of State for Petroleum Resources. This increase is attributed to the removal of operational bottlenecks in the upstream oil sector and a resurgence of investor confidence, leading to a rise in drilling activities across the Niger Delta.

The number of oil drilling rigs has increased to 14 in 2023. Lokpobiri emphasized that local oil firms now account for 60% of daily production, following acquisitions of foreign assets, including Seplat's takeover of ExxonMobil's onshore assets.

The government is also intensifying efforts to combat crude oil theft, which has seen daily losses of 450,000 barrels. Additionally, the Nigerian military is enhancing patrols to secure oil routes.

The recent increase in production is expected to help address the budget deficit, which has been exacerbated by previous shortfalls in oil output.