Nigeria’s Oil Minister Pushes for Industry Commitment to Boost Production and Security Measures
Nigeria’s Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has called on industry players to support the country’s ambitious goal of increasing crude oil production by over one million barrels per day within the next 24 months. Speaking at a meeting of the Oil Producers Trade Section (OPTS) in Istanbul, Lokpobiri also announced that the federal government is ready to host the $5 billion Africa Energy Bank (AEB) headquarters following Nigeria’s successful bid in July 2024.
The minister emphasized the vital role the oil sector plays in Nigeria’s economy, contributing to 85% of government revenue and serving as a major source of foreign exchange. He outlined measures to tackle security challenges in the Niger Delta, including deploying drones, satellite surveillance, and increasing military support to curb oil theft and protect infrastructure.
Lokpobiri also highlighted the government’s efforts to balance the transition to cleaner energy with the need to maximize crude oil production in the short term. This includes reforms like tax incentives for offshore production and streamlined procurement processes. He urged the industry to act on oil field licenses, stressing that operators must either develop or relinquish fields to avoid stagnation.
