The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has revealed that  Nigeria’s oil production has increased from about 1 million barrels per day (bpd) to 1.75 million bpd since he assumed office.

He made the disclosure at the 2025 Heirs Energies leadership forum yesterday in Abuja, where he expressed confidence that the country can meet its 2025 budget target of 2.06 million bpd.

He said, “When I became minister, we were producing about 1 million barrels per day. Today, we are at 1.8 million barrels. The 2025 budget is predicated on 2.06 million bpd, and I want to assure Nigerians that this is doable.

“For over a decade, there was little to no investment in the sector. But when we came in, we changed the perception about Nigeria and investors are now returning.

“We have also enhanced security in the Niger Delta. I must commend our military, paramilitary forces and civilian contractors. Their combined efforts have led to a reduction in pipeline vandalism, oil theft and other infractions – resulting in increased production. Now, we have deployed technologies to track activities at our terminals, ensuring transparency and curbing inefficiencies,” he said. 

On February 13, the Organisation of Petroleum Exporting Countries (OPEC) said Nigeria’s average daily crude oil production increased significantly to 1.53 million barrels per day (bpd) in January.

The country, for the first time, met the global oil cartel’s production quota of 1.5 million bpd since it was set – for the 2024 period – at OPEC’s ministerial meeting on November 30, 2023.

Also in his remarks, the chief executive officer of Heirs Energies, Osa Igiehon, said Nigeria is currently seeing positive shifts in the oil and gas industry. 

He said: “The second shift we are seeing is that with the completion of the major divestments that have just come through, midwifed by the CCE, we are now looking at a situation where over 50 per cent, possibly 60 per cent of Nigeria’s oil production, is now operated by indigenous companies and there’s also optimism that we can deliver.

On why the forum was organised, he said, “We felt it was important to bring together the industry to start talking about growth now that it is our indigenous companies that are in control of a larger proportion of the production. We have to own the challenge and we have to deliver to the Nigerian people.”