Senator Yemi Adaramodu, Chairman of Nigeria’s Senate Committee on Media and Public Affairs, expressed optimism regarding Nigeria’s ability to achieve its 2024 crude oil production benchmark of 1.7 million barrels per day (bpd).
According to reports, Senator Adaramodu, representing Ekiti South Senatorial District, believes Nigeria can even surpass this target by increasing crude oil production to two million bpd if issues hindering the sector are effectively addressed.
“When you talk of crude oil Benchmark is not only about crude oil, there is condensed, so when Nigeria exports as much as 1.4million barrel per day, they have condensed about 325,000, so it not only that crude that goes, but when you talk about the weighted average that where they arrive at that price, weighted average of 77.9, that is the weighted average, so it not that direct crude oil per barrel that we talk about, so there is that crude, there is condensed, so the two together, when you now weight the average overtime, you now arrive at the average. It will be achieved,” Senator Adaramodu affirmed.
He commended the government’s efforts to create value and attract investments in the country’s oil and gas sector. The senator also acknowledged the government’s commitment to removing obstacles that might limit the country from meeting and surpassing the barrels per day projection.
Senator Adaramodu explained that if all leakages and loopholes are blocked, with this projection, Nigeria will definitely achieve its economic stability and growth.
He emphasised the importance of blocking leakages, stopping unnecessary waivers, and ensuring serious revenue generation to fund the budget effectively. Senator Adaramodu urged all stakeholders to support President Tinubu’s administration in building a robust oil and gas sector that significantly contributes to Nigeria’s economic growth and development.
The country’s oil production has already increased steadily, from about 1 million barrels per day to 1.4 million barrels per day. In November 2023, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a production of over 1.2 million barrels per day.
