SEO Riders:
– Minister Lokpobiri confirms current production at 1.745 Mbpd, budget target is 2.06 Mbpd.
– Govt plans reactivation of dormant fields and reducing IOCs’ legislative interference.
– Push for stronger upstream investment, policy reform, and industry accountability.
Nigeria currently produces approximately 1.745 million barrels per day (Mbpd) of crude, with a firm goal to reach 2 Mbpd by the end of 2025, according to Sen. Heineken Lokpobiri, the Minister of State for Petroleum (Oil), at the opening of the 2025 Nigeria Oil and Gas Energy Week in Abuja. The 2025 federal budget is premised on a production estimate of 2.06 Mbpd, which Lokpobiri argued is achievable with increased upstream investment and strategic reactivation of dormant oil fields . He credited recent successful policy reforms since 2023 for boosting investor confidence, reversing a decade-long investment drought, and calling on the Nigerian National Petroleum Company (NNPC Ltd.) to raise its output ambitions.
To accelerate progress, Lokpobiri urged the National Assembly to minimize disruptive summons of multinational oil companies over historical procurement issues—arguing that this legal pressure undermines industry performance. He reinforced that government under President Tinubu will no longer tolerate undeveloped or underused oil licenses, insisting that companies unable to develop their assets should relinquish them. Additionally, he highlighted strong gas sector potential, with over 200 trillion cubic feet of proven reserves, and an unwavering commitment to the “Decade of Gas” initiative aimed at industrial growth, clean energy expansion, and socio-economic benefits.
