The Federal Government has announced that Nigeria’s current crude oil production stands at around 1.745 million barrels per day (bpd), with plans to increase this to two million bpd by the end of 2025.
Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), disclosed this during the opening of the 2025 Nigeria Oil and Gas (NOG) Energy Week in Abuja on Tuesday.
Mr. Lokpobiri stated that the 2025 budget production target is set at 2.06 million bpd, emphasizing the need to boost output to meet the two-million-barrel mark.
“We can succeed when we work together to be strong enough to deliver,” the minister said. “I urge the Nigerian National Petroleum Company Limited (NNPC Ltd.) to change its target ambition to producing above two million barrels by 2025.”
He noted that before his appointment in 2023, the sector had seen no significant investment for a decade due to legal and regulatory challenges. However, since then, reforms and policy adjustments have restored investor confidence, leading to increased capital inflows.
The minister also called on the National Assembly to limit the frequency of summoning International Oil Companies (IOCs) and industry stakeholders for hearings.
“Part of the complaints in the industry is about the frequent summons at the National Assembly, and that should be reduced,” he said. “I was a senator for many years, we knew the consequences of some of these actions, before summoning, you need to look at the issues critically and make consultations. What is the business of summoning the IOCs on procurement issues that happened many years ago? They should not be summoned for frivolous reasons.”
Regarding the African Energy Bank, he mentioned that applications for the presidency of the institution had been advertised, with a shareholders’ meeting expected soon in collaboration with Afreximbank and other partners.
Meanwhile, Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), highlighted Nigeria’s proven gas reserves exceeding 200 trillion cubic feet. He stressed that the “Decade of Gas” initiative aims to harness this potential for industrialization, power generation, domestic LPG use, gas-to-transport expansion, and increased exports.
The 2025 NOG Energy Week, themed “Accelerating Global Energy Progress through Investment, Partnerships, and Innovation,” continues to explore strategies for sectoral growth.
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