.As crude oil production rises to 1.745mbpd
.To hit 2m in December, says Lokpobiri.
.Appeals to NASS to stop ‘frivolous’ summons of IOCs, oil executives
UGO AMADI
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has reaffirmed the Federal Government’s commitment to ramping up Nigeria’s crude oil production frowning at the high number of dormant oil wells in Nigeria. Appealing that the government is creating an investor-friendly environment for the energy sector.
He also stated that the Federal Government is currently producing about 1.745 million barrels of crude oil per day (bpd) targeting to hit two million bpd by the end of 2025
He appealed to the National Assembly to stop frivolous summons of International Oil Companies and other oil executives as these have long lasting negative effects on investments in Nigeria.
He stated this while Speaking at the opening of the 2025 Nigeria Oil and Gas (NOG) Conference and Exhibition in Abuja on Tuesday, with the theme, “Accelerating Global Energy Progress through Investment, Partnerships, and Innovation”.
Lokpobiri emphasized the need to rebuild confidence among investors and industry players in Nigeria’s oil and gas sector, which he described as critical to the nation’s economic stability and growth.
“Our goal remains to increase production and ensure Nigeria regains its rightful position as Africa’s leading oil producer,” the minister stated. He noted that despite global energy transitions and economic headwinds, Nigeria holds enormous opportunities for investments across the entire value chain — from upstream exploration and production to refining and petrochemicals.
Lokpobiri stressed that the government is working tirelessly to resolve challenges hindering production growth, including issues related to security, infrastructure, and regulatory uncertainties. He called on industry stakeholders to collaborate with the government to address these bottlenecks and unlock the full potential of Nigeria’s hydrocarbon resources.
The minister also highlighted the importance of local content development, stressing that building indigenous capacity remains a cornerstone of the administration’s energy policy. “We are committed to creating an enabling environment where Nigerian companies can thrive and play leading roles, not just as service providers but also as asset owners,” he said.
Furthermore, Lokpobiri applauded recent reforms aimed at enhancing transparency and efficiency in the sector. He expressed optimism that the full implementation of the Petroleum Industry Act (PIA) would create the needed stability to attract new investments and enable long-term planning by both local and international operators.
Addressing concerns over global health crises, the minister underscored the importance of resilience, citing lessons learned from the COVID-19 pandemic. He noted that the sector must continue to adapt and innovate to remain competitive in the evolving global energy landscape.
Lokpobiri commended President Bola Tinubu’s administration for prioritizing reforms in the oil and gas sector and pledged continued support toward achieving national energy security and economic diversification.
He noted that the production target for 2025 budget was based on 2.06 million bpd, adding that it must ramp up production to hit two million.
“We can succeed when we work together to be strong enough to deliver.
“I urge the Nigerian National Petroleum Company Limited (NNPC Ltd.) to change its target ambition to producing above two million barrels by 2025,” he said.
He said that in 2023 when he was appointed as the minister, there was no investment for 10 years due to legal framework and other challenges.
He said that from 2023, the narratives changed and investments were recorded as a result of deliberate policies and reforms that worked, and absolute increase in investors confidence in Nigeria.
The minister also appealed to the National Assembly to reduce the number of summons of the IOCs and industry players for legislative hearing.
“Part of the complaints in the industry is about the frequent summons at the National Assembly and that should be reduced.
“I was a senator for many years, we knew the consequences of some of these actions, before summoning you need to look at the issues criticallly and make consultations.
“What is the business of summoning the IOCs on procurement issues that happened many years ago. They should not be summoned for frivolous reasons,” the minister said.
On the African Energy Bank, he said that advertisement was placed for the office of its President, adding that in the next few days Afreximbank and other partners would convene a shareholders’ meeting.
Also speaking, the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, said that Nigeria had proven gas reserves of over 200 trillion cubic feet.
Ekpo said that value would only be created un the gas sector when resources were developed and utilised.
He said that through the “Decade of Gas” initiative, the country was focused on translating its vast gas wealth into tangible socio-economic benefits.
This, he said, included driving industrialisation, expanding power generation, increasing domestic Liquefied Petroleum Gas (LPG) usage, deepening gas-to-transport adoption, and growing gas export capacity.
The NOG Conference, which runs throughout the week, brings together policymakers, operators, service providers, and investors from across the globe to deliberate on strategies for repositioning Nigeria’s oil and gas industry amid global energy transition pressures.
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