From Seyi Tayese, Yenagoa
The Honourable Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, Ph.D., has called on International Oil Companies (IOCs) to accelerate in-field drilling and other near-term production interventions to boost Nigeria’s oil output, reaffirming the Federal Government’s commitment to sustaining investor confidence, expediting project delivery, and achieving the nation’s 3 million barrels per day production ambition.
The Minister made this call during the OPTS-organized Cross Industry Group (CIG) Stakeholder Meeting, where industry stakeholders deliberated on Nigeria’s oil and gas industry progress, investment opportunities, production growth, and measures to address the country’s operating cost premium.
Lokpobiri noted that while ongoing reforms had helped restore investor confidence and attract significant investments, greater emphasis must now be placed on translating investment commitments into actual projects and additional barrels.
“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 stated.
Emphasizing the importance of maximizing existing assets while advancing major developments, the Minister urged IOCs to prioritize in-field drilling, workovers, and other interventions capable of delivering additional production in the short term.
He further stressed that sustaining industry momentum requires fiscal stability, consistent implementation of incentives, predictable regulation, shorter contracting timelines, and the removal of unnecessary operational bottlenecks.
“Let me assure you that our doors remain open. We are willing to listen, engage and take the necessary decisions to keep enabling business,” Lokpobiri said, reaffirming the Government’s readiness to collaborate with industry operators to improve Nigeria’s competitiveness and ease of doing business.
The Minister also challenged OPTS members to complement government reforms with timely investment decisions, faster project execution, and deliberate efforts to reduce operating costs.
He reiterated that the Federal Government remains committed to creating an enabling environment where investments translate into delivered projects, increased production, and sustainable economic value for Nigeria.
