Nigeria is on track to meet its ambitious oil production target of two million barrels per day by the end of 2025. According to Senator Heineken Lokpobiri, Minister of State for Petroleum Resources, the country is currently producing approximately 1.745 million barrels of crude oil per day. Lokpobiri made this announcement at the opening of the 2025 Nigeria Oil and Gas Energy Week in Abuja, emphasizing the importance of collaboration to achieve this goal.
The minister revealed that the production target for the 2025 budget is based on 2.06 million barrels per day, and he urged the Nigerian National Petroleum Company Limited (NNPC Ltd.) to aim higher and produce above two million barrels by 2025. Lokpobiri credited the increase in investment and confidence in Nigeria’s oil sector to deliberate policies and reforms implemented since his appointment in 2023. He noted that prior to 2023, there was a 10-year period with no investment due to legal and other challenges.
Lokpobiri also called on the National Assembly to reduce the frequency of summoning international oil companies (IOCs) and industry players for legislative hearings, citing the negative impact on the sector. He argued that such summonses should be reserved for critical issues, rather than being used for frivolous reasons or to revisit past procurement issues.
In related news, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, highlighted Nigeria’s vast gas reserves, which stand at over 200 trillion cubic feet. Ekpo emphasized that value can only be created in the gas sector when resources are developed and utilized. He outlined the country’s “Decade of Gas” initiative, which aims to drive industrialization, expand power generation, increase domestic Liquefied Petroleum Gas (LPG) usage, and grow gas export capacity.
The 2025 NOG Energy Week Conference and Exhibition, themed “Accelerating Global Energy Progress through Investment, Partnerships, and Innovation,” brings together industry stakeholders to discuss and explore opportunities for growth and development in the energy sector. With Nigeria’s oil production on the rise and its gas sector poised for expansion, the country is well-positioned to play a significant role in the global energy landscape.
