FAVOUR ISHEMBER
Nigeria’s crude oil production has climbed to over 1.8 million barrels per day, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said, as he announced a surge in active drilling rigs and new investments following reforms under President Bola Tinubu.
Speaking at the Annual Nigerian Oil and Gas Exhibition in Abuja, Lokpobiri said the latest weekly report from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the 1.8mbpd output. He noted the figure was still below target, but achievable.
“We’ve done 2.5 million barrels a day before. So we can do it again,” Lokpobiri said. “What we need to do is to work together under the right circumstances.”
With Mlnore drilling activity, active rigs have increased from about 40 in 2023 to over 60 today, which the minister said will guarantee future production growth.
Following asset divestments by International Oil Companies, independents now account for over 60% of Nigeria’s 1.8mbpd production. Lokpobiri cited Renaissance Nigeria’s recent deep offshore drilling campaign and discoveries as an example.
Contrary to reports, he said no major IOC has left Nigeria. “No Shell, no ExxonMobil, no Eni. Rather, they have gone deep offshore with a view to increasing our reserve.
The minister said Nigeria had seen “multiplicity of investments” since 2023 after reforms to address legal, regulatory and security issues. He added that delegations from the U.S., Europe and the Middle East are seeking to do business in Nigeria.
Lokpobiri said government is enforcing the 3-month drilling campaign provision in the Petroleum Industry Act and has commissioned BWC to benchmark oil and gas fees globally to reduce multiple charges.
He argued the global conversation has moved from “energy transition” to “energy mix,” noting Africa contributes only 3% of emissions while the U.S. and China account for over 55%.
Lokpobiri credited the Tinubu administration for taking “bold decisions” on downstream deregulation and upstream reforms, saying the sector is recovering after “no investment for over 10 years.”
He concluded by commending Renaissance Nigeria and its partners, and urged other companies to sustain drilling to grow reserves currently estimated at 37 billion barrels.
The exhibition brought together government officials, industry players, and academia to discuss the state of Nigeria’s oil and gas sector.
