From Adanna Nnamani, Abuja
The Minister of State for Petroleum Resources, Heineken Lokpobiri, has assured Nigerians that the federal government is committed to achieving the 2.7 million barrels per day oil production target in the next two years.
Speaking at the Leadership Forum 2025 organised by Heirs Energy in Abuja on Thursday, Lokpobiri said the government is dedicated to improving security, attracting investments, and enhancing operational efficiency in the sector.
Lokpobiri noted that for over a decade, the oil and gas sector suffered from a lack of investment, but that recent policy changes and reforms have restored investor confidence, leading to increased production. He credited the improved security situation in the Niger Delta to the combined efforts of the Nigerian military, paramilitary forces, and private contractors, which have significantly reduced pipeline vandalism and oil theft.
“We have also carried out reforms in the system,” Lokpobiri stated. “Before now, bureaucratic bottlenecks delayed approvals. Today, documents no longer need to sit on my desk for more than 24 hours once recommended by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”
The minister also said there has been the deployment of technology in the oil sector, which has enabled real-time monitoring of production activities, curbing inefficiencies and corruption within the industry.
Lokpobiri further lauded President Bola Tinubu’s executive orders, which have significantly reduced delays in oil and gas contract approvals. He said previously, contracts below $10 million required multiple approvals, causing prolonged bottlenecks, but that with the new directive, such contracts are now approved within six months, enhancing efficiency and attracting further investment.
The minister cited the recent decision by international oil companies (IOCs), including Shell, to invest in the Bonga oil field as evidence of growing investor confidence. “If we continue on this trajectory, achieving our 2.7 million barrels per day target by 2027 will be within reach,” he stated.
In his remarks, the NUPRC Chief Executive, Gbenga Komolafe, outlined the roadmap for achieving the government’s long-term oil production targets.
Komolafe recalled that the commission launched the “Project 1 Million Barrels” initiative in 2021, which aimed to boost collaboration among stakeholders.
“At the time, Nigeria was producing about 1.5 million barrels per day. Since then, we have increased output by approximately 250,000 barrels. Our goal is to reach 2.5 million barrels per day by implementing strategic initiatives, including well reactivation, enhanced funding mechanisms, and increasing the number of active rigs,” he said.
The NUPRC boss also stressed the importance of community engagement to sustain peace in the oil-producing regions.
On his part, Osayande Igiehon, Managing Director and CEO of Heirs Energy, emphasised the shift in Nigeria’s oil industry, with indigenous companies now responsible for over 50% of the country’s total oil production.
He described this as a major milestone and urged local firms to take ownership of the industry’s future growth.
“The question many have asked is, where did this recent production growth come from? The answer lies in the combined efforts of private sector players and government policies that prioritise efficiency. With Nigeria aiming for 2.1 million barrels per day by 2025 and 2.7 million barrels by 2027, the industry must embrace a new level of responsibility and commitment,” Igiehon said.