"I want to assure you, we've just been here for a few weeks. I've been here for less than two months. I assure you that by the end of the year, there will be a visible difference in performance and productivity," he said.
The federal government on Friday said it is targeting 2 million barrels per day (bdp) of crude oil production by the end of the year.
Heineken Lokpobiri, Minister of State for Petroleum, disclosed this in a meeting with energy reporters in Abuja.
Last month, the Organisation of Petroleum Exporting Countries OPEC said Nigeria's crude oil production climbed to 1,269 million barrels per day in August 2023 from 1,171 million in July 2023.
Nigeria's August crude production was 98,000 barrels higher than its July production figure as it continues to recover from a heavily disrupted crude sector plagued by oil theft and pipeline vandalism.
In recent years, Nigeria has recorded a surge in pipeline vandalism and crude oil theft incidents in its oil-producing region, a development that worsened the nation's revenue challenge.
To curb crude theft, the Nigerian National Petroleum Company Limited (NNPCL) launched an application in August last year to monitor the incidence of theft and vandalism. The NNPCL also awarded a multibillion naira pipeline surveillance procurement to a former leader of the Movement for the Emancipation of Niger Delta, Government Ekpemupolo.
On Friday, Mr Lokpobiri said the government is working tirelessly to ramp up crude oil production (and condensate) to 2 million bpd by December.
"Our target is to see how we can get to 2 million barrels per day and beyond by the end of the year," the minister said.
"We are underperforming because of insecurity, and we are gradually tackling those problems.
"My sole agenda is to increase production. Once we increase production, we will get more revenue for the country. You know Nigeria is still more dependent on oil. For us to solve our problems and begin to earn enough forex.
"Though the non-oil sector also supports the economy, a substantial part of our forex comes from oil. So my ambition is to see how I can lead the sector to increase production to get more revenue to deal with the fund and strategic rationale projects in the country."
The minister said Nigeria is steadily increasing production to between 1.3 and 1.4 million barrels.
"I get the reports from relevant authorities. Today, we're doing about 1.4 million barrels of crude. So we are steadily increasing, but our target is to see how we can get to 2 million barrels and beyond by the end of the year," he said.
Mr Lokpobiri noted that this can only be possible if all concerned stakeholders put their hands on deck to ensure it happens.
He said: "I have had cause to interact with some of the stakeholders in the sector and that engagement with them is already yielding results.
"That's why you are seeing a steady rise in production, but we still have a long way to go. We have identified where the problem is and where we are getting the shortfall and are already engaging them. Within the next few weeks, we can tell you how far we have gone in that direction.
"What I can assure you is that I have had the privilege of engaging all the stakeholders, beginning with the international oil companies (IOCs) to the independent producers, local producers, those in the midstream and downstream, as well as those in the local refinery were are just trying to get their problems one after the other and once we identified their problem we are willing and already to provide a solution," he said.
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Long term solution
The minister said some of the solutions might not be immediate, but once identified, he will provide a good framework to address those problems.
"I want to assure you, we've just been here for a few weeks. I've been here for less than two months. I assure you that by the end of the year, there will be a visible difference in performance and productivity.
"We will increase production and also ensure how we can rekindle the confidence of the industry to become more competitive in all countries in Africa and all countries in the world," he said.
