Nigeria’s oil production currently stands at approximately 1.745 million barrels per day (bpd), with the federal government targeting an increase to two million bpd by the end of 2025. Heineken Lokpobiri, Minister of State for Petroleum Resources, announced this goal during the opening of the 2025 Nigeria Oil and Gas (NOG) Energy Week in Abuja.
He emphasised the importance of collective effort, urging the Nigerian National Petroleum Company Limited (NNPC Ltd.) to aim for production levels exceeding two million barrels by 2025. Lokpobiri highlighted that the 2025 budget was based on a projection of 2.06 million bpd, necessitating increased production levels.
Reflecting on the past decade, he noted that lack of investment was prevalent due to legal and infrastructural challenges. However, since 2023, positive changes have led to renewed investor confidence owing to strategic policy reforms.
The minister also called for the National Assembly to limit the frequency of summons directed at International Oil Companies (IOCs) regarding past procurement issues. He argued that such actions should be carefully considered and not undertaken for trivial reasons.
Additionally, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, reported that Nigeria has proven gas reserves exceeding 200 trillion cubic feet. He stressed that the realisation of value in the gas sector hinges on the effective development and utilisation of these resources, as part of the “Decade of Gas” initiative aimed at driving industrialisation and enhancing domestic energy use.
The 2025 NOG Energy Week is themed “Accelerating Global Energy Progress through Investment, Partnerships, and Innovation.”