Abuja: Nigeria's current oil production is approximately 1.745 million barrels per day (bpd), with an ambitious goal to reach two million bpd by the end of 2025.
According to News Agency of Nigeria, this was announced by Sen. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), at the inauguration of the 2025 Nigeria Oil and Gas (NOG) Energy Week in Abuja. Lokpobiri highlighted that the 2025 budget's production target is set at 2.06 million bpd, emphasizing the need to increase production to meet this goal.
Lokpobiri urged the Nigerian National Petroleum Company Limited (NNPC Ltd.) to aim for a production target exceeding two million barrels by 2025. He noted that upon his appointment as minister in 2023, the sector had seen a decade-long stagnation in investment due to legal and other challenges. However, he stated that recent policy reforms and increased investor confidence have shifted this trajectory, leading to a resurgence in investments.
The minister also addressed the issue of frequent legislative summons faced by International Oil Companies (IOCs) and industry stakeholders, appealing to the National Assembly to minimize unnecessary hearings. He emphasized the need for careful consideration and consultation before summoning industry players, particularly for outdated procurement issues.
In addition, Lokpobiri mentioned the establishment of the African Energy Bank, noting that an advertisement for its President's position has been placed, with Afreximbank and other partners expected to hold a shareholders' meeting soon.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, also spoke at the event, highlighting Nigeria's significant proven gas reserves of over 200 trillion cubic feet. Ekpo emphasized that value creation in the gas sector is dependent on the development and utilization of these resources. He outlined the 'Decade of Gas' initiative as a strategy to transform Nigeria's gas wealth into socio-economic benefits, including industrialization, increased power generation, enhanced domestic LPG use, expanded gas-to-transport adoption, and growth in gas export capacity.