Currently producing around 1.745 million barrels of crude oil per day, Nigeria’s federal government has announced an ambitious target of reaching two million barrels per day by the end of 2025. Heineken Lokpobiri, Minister of State for Petroleum Resources, made the declaration during the opening of the 2025 Nigeria Oil and Gas (NOG) Energy Week in Abuja.
Lokpobiri stressed the necessity for unity in efforts to achieve this goal, urging the Nigerian National Petroleum Company Limited (NNPC Ltd.) to modify its targets to exceed two million barrels by 2025. He noted that the 2025 budget was based on a projection of 2.06 million bpd, indicating a pressing need to enhance production levels.
Reflecting on the past, he acknowledged that a lack of investment had persisted for a decade due to legal and regulatory challenges. However, since 2023, there has been a shift in the narrative, with significant investments flowing into the sector as a result of targeted reforms.
Furthermore, he appealed to the National Assembly to reduce the frequency of summons issued to International Oil Companies (IOCs) regarding past procurement matters, advocating for a more thoughtful and critical approach to such inquiries.
Additionally, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, revealed that Nigeria has proven gas reserves exceeding 200 trillion cubic feet. He highlighted the importance of developing these resources to create value in the gas sector, as part of the “Decade of Gas” initiative aimed at promoting industrialisation and improving energy access.
The 2025 NOG Energy Week is themed “Accelerating Global Energy Progress through Investment, Partnerships, and Innovation.”
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