The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has urged International Oil Companies (IOCs) operating in Nigeria to accelerate in-field drilling and other short-term production interventions to boost the nation’s crude oil output.
Lokpobiri made the call at the Cross Industry Group (CIG) Stakeholder Meeting organised by the Oil Producers Trade Section (OPTS), where stakeholders discussed developments in Nigeria’s oil and gas industry, investment opportunities, production growth and measures to address the country’s high operating costs.
This was disclosed in a statement issued by Nneamaka Okafor, Senior Assistant on Media and Communication to the Minister of State for Petroleum Resources (Oil).The minister reaffirmed the Federal Government’s commitment to sustaining investor confidence, expediting project delivery and creating an enabling environment for Nigeria to achieve its production ambition of three million barrels of oil per day.
He noted that although ongoing reforms had helped restore investor confidence and attract significant investments into the oil and gas sector, greater attention must now be given to converting investment commitments into operational projects and increased crude oil production.
“Our success will ultimately be measured not by the investments we announce, but by the projects we deliver and the additional barrels we produce,” he said.
Emphasising the need to maximise existing oil assets while advancing major developments, Lokpobiri urged international oil companies to prioritise in-field drilling, well workovers and other interventions capable of delivering additional barrels in the short term.He stressed that sustaining growth in the sector would require fiscal stability, consistent implementation of investment incentives, predictable regulations, shorter contracting timelines and the removal of unnecessary operational bottlenecks.
According to him, the government remains open to constructive engagement with industry operators to address challenges affecting investment and production.“Let me assure you that our doors remain open. We are willing to listen, engage and take the necessary decisions to keep enabling business,” the minister said.
Lokpobiri also challenged members of the Oil Producers Trade Section to complement government reforms with timely investment decisions, faster project execution and deliberate efforts to reduce operating costs.
He maintained that the Federal Government was committed to strengthening Nigeria’s competitiveness in the global oil and gas market by ensuring that investments translate into completed projects, increased production and sustainable economic benefits.
The minister’s appeal comes amid continuing efforts to strengthen Nigeria’s oil production capacity, improve operational efficiency and maximise the economic benefits of the country’s petroleum resources.
