- Warning to Oil Block Owners: Minister of State Petroleum Resources, Senator Heineken Lokpobiri, threatens to withdraw oil blocks from owners who fail to develop them.
- “Drill or Drop” Policy: The government plans to implement the “drill or drop” provisions of the Petroleum Industry Act (PIA) to boost oil production.
- Production Target: The Federal Government aims to increase oil production to 2.06 million barrels per day in 2025.
- Current Production: As of February 2025, oil production stands at 1.67 million barrels per day, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
- Call for Investment: Lokpobiri urges International Oil Companies (IOCs) to increase investment in the oil and gas industry.
- Support for Local Refining: The Minister stresses the need for IOCs to support local refining efforts as more refineries come online.
Nigeria’s Minister of State Petroleum Resources, Senator Heineken Lokpobiri, has issued a warning to oil block owners who have failed to develop them. The government plans to implement the “drill or drop” provisions of the Petroleum Industry Act (PIA), aiming to boost oil production to 2.06 million barrels per day in 2025. As of February 2025, oil production stood at 1.67 million barrels per day, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) .
Lokpobiri emphasized that idle assets hinder the country’s growth and encouraged industry players to explore collaborative measures. He also urged International Oil Companies (IOCs) to increase investment, noting that the government has provided incentives for seamless operations. The Minister stressed the need for IOCs to support local refining efforts, as more refineries come online, requiring a steady crude oil supply.
