Sen. Heineken Lokpobiri, Minister of State (Oil) Petroleum Resources
Nigeria’s current oil production stands at 1.745 million barrels per day (bpd), with a target to hit 2 million bpd by the end of 2025, Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has said.
Lokpobiri made this known while declaring the 2025 Nigeria Oil and Gas (NOG) Energy Week open in Abuja.
The minister emphasized the need for collaboration to achieve the production target.
“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,” Lokpobiri said.
Lokpobiri attributed the increase in investments in the oil sector to deliberate policies and reforms that have worked, and an absolute increase in investors’ confidence in Nigeria.
“In 2023 when I was appointed as the minister, there was no investment for 10 years due to legal framework and other challenges. From 2023, the narratives changed and investments were recorded,” he said.
The minister appealed to the National Assembly to reduce the number of summons on International Oil Companies (IOCs) and industry players for legislative hearings.
“Part of the complaints in the industry is about the frequent summons at the National Assembly and that should be reduced,”. Lokpobiri said
The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, highlighted the potential of Nigeria’s gas sector, with proven reserves of over 200 trillion cubic feet.
“Value would only be created in the gas sector when resources are developed and utilized,” Ekpo said.
NAN
