The Minister of State for
Last week, at the 36th
That was after a week-long intense negotiations that saw the parties agree to raise the country's production quota for next year, from 1.38 million bpd to 1.5 million bpd by the oil cartel.
Three consultancy firms, IHS, Rystad Energy, and
But in their findings, the research firms projected that despite
However, the minister who gave an incline as to how the proceedings went, stated in a post on his official X/Twitter handle at the weekend that
The minister expressed the confidence that the country will surpass the projections in the 2024 budget.
However, THISDAY's findings showed that the minister was talking about the combination of crude oil and condensates. Condensates are usually outside
The
Lokpobiri said: "Arising from the 36th
"So what we are producing is much more than what is projected in the 2024 budget estimate and as such, there is nothing to worry about.
"However, it is worthy of note, that there was a general production cut across all
"We are on track with the objective of maintaining and surpassing the quota, especially as we work productively towards resolving all bottlenecks that might pose as hindrances to the objective."
The authorities had at various times promised to meet the
Meanwhile, to sustain the country's drive for increased production, Lokpobiri has engaged in a pivotal meeting on the sidelines of the ongoing 28th
A statement by the Special Adviser to the minister on
Simonelli, the statement said, conveyed
The chief executive emphasised the company's readiness to collaborate with the federal government in advancing sustainable energy practices, aligning with the goals of the ongoing
"
"Therefore, whatever that we can do to support to get started, I am willing to do that even now," the Baker Hughes chief stated.
During the discussions, he also reiterated
He acknowledged the critical role the country plays in the global energy landscape and emphasised the importance of public-private partnerships in driving meaningful progress.
In his remarks, Lokpobiri commended the oil servicing firm for its longstanding partnership with
He highlighted the company's valuable contributions over the years and expressed optimism about deepening the collaboration through increased investment in the nation's oil and gas industry.
Lokpobiri assured the Baker Hughes delegation of the Nigerian government's commitment to creating an enabling environment for investments in the refinery sector.
The minister affirmed that adequate measures would be put in place to facilitate the seamless actualisation of
"I am very happy that you have joined other companies in identifying the great opportunities and government's favourable policies in our oil and gas sector and with the advent of the Petroleum Industry Act (PIA), we now have a workable framework that guarantees conducive environment for investment," the minister said.
The meeting between Lokpobiri and Simonelli, the statement said, sets the stage for a promising collaboration that not only strengthens the ties between
Describing the meeting as highly constructive, Lokpobiri stated that the strong expression in directing investments towards the refinery domain of the nation's oil and gas industry was quite commendable.
"Recognising the history of collaboration between
"The company's commitment to advancing the energy sector aligns with our national objectives and I conveyed appreciation for their sustained involvement.
"Assurances were given regarding a conducive environment for investment, as I emphasised the government's readiness to facilitate and support endeavours that contribute to the growth and sustainability of our petroleum resources," Lokpobiri added.
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