The Minister of State for Petroleum Resources Oil Sector, Sen. Heineken Lokpobiri has announced that the country is currently producing approximately 1.8 million barrels per day of the fuel product.
The Minister made the disclosure during his Keynote address at the ongoing Nigeria International Energy summit (NIES) held in Abuja on Tuesday.
Speaking on the limestone achievements he said “We have witnessed an increase in oil production, which, for the first time in years, we met our OPEC quota, and if you add condensates, we are currently producing approximately 1.8 million barrels per day. While this marks significant progress from where we began, the efforts of this administration recognise that we are still far from where we aspire to be.
“We have also witnessed the successful granting of ministerial consent for several significant acquisitions of international oil company (IOC) assets by indigenous companies.
“Oando Petroleum and Natural Gas Company Limited secured approval to acquire a full equity stake in Nigerian Agip Oil Company (NAOC) from Italy’s ENI. Chappal Energies, through its project vehicle Odinmim, obtained consent to acquire Equinor Nigeria’s assets, including an interest in OML 128 and a stake in the Agbami Oil Field operated by Chevron. Additionally, Seplat Energy received ministerial approval and finalized its acquisition of Mobil Producing Nigeria Unlimited (MPNU), a subsidiary of ExxonMobil.”
On the theme of this year’s summit, “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential,” he stressed that it proves the pivotal role that Africa, and indeed Nigeria, plays in shaping the future of global energy. The theme highlights the critical need to bridge geographical, economic, and technological gaps to unlock Africa’s energy potential.
“It signifies the importance of connecting global investors to opportunities within Africa’s vast energy landscape. This theme is timely, as the world faces an urgent need to diversify energy sources, ensure energy security and foster collaboration in meeting global demand.
According to him this administration has prioritised critical infrastructure projects to enhance crude oil transportation, reduce bottlenecks, and increase evacuation capacity.
” Similarly, collaborative efforts have been made to address pipeline security issues, ensuring that crude oil theft and vandalism are significantly reduced.
“These efforts have already yielded positive results, with production levels rising steadily. Our ambitious target is to increase production to 3 million barrels per day before the end of 2025, thus ensuring greater revenue generation and a more secure energy sector.”
