From Kenechukwu Obiajuru, Yenagoa
The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, has expressed optimism about Nigeria’s potential to increase its crude oil production significantly.
Speaking at the launch of the Project 1MMBOPD Initiative, which marked the 3rd anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Lokpobiri emphasized that Nigeria can surpass the 2.5 million barrels per day (mbpd) target with concerted efforts.
He noted that currently Nigeria’s oil production stands at approximately 1.7 mbpd, including condensates, adding that NUPRC can achieve this ambitious goal.
Lokpobiri stressed the importance of driving investments into the oil sector and creating a favorable operating environment for investors.
He noted that the government has been actively working towards this objective through effective partnership between the government, industry leaders, and the private sector.
He stated that the Implementation of the PIA is expected to boost investor confidence and fostering a conducive environment for investments by encouraging Nigeria’s private sector to invest in underutilized oil wells, fields, and shores
” By prioritizing problem-solving actions and working together, Nigeria can unlock its oil industry’s full potential and accelerate national economic transformation”
This development comes as Nigeria continues to navigate the global energy transition, with the oil and gas sector playing a vital role in the country’s economy.
