Sen. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), says Nigeria’s crude oil production has risen to 1.821 million barrels per day (bpd), reflecting improved regulations and upstream activities.
Mr Lokpobiri said this on Tuesday in Abuja at the fifth anniversary commemoration of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), established under the Petroleum Industry Act (PIA 2021).
The event was with the theme, “From Uncertainty to Stability: Unlocking the Next Phase of Investment”.
He said the increase was driven by improved collaboration between the commission, government and industry stakeholders, as well as efforts to remove bottlenecks that had slowed investment.
The minister said the government had challenged the commission to measure its performance, not by the number of regulations introduced, but by the businesses and investments it enabled.
According to him, the approach has helped to improve the operating environment and accelerate activities across the upstream sector.
“Today, we are doing 1.821 million barrels per day.
“The country has recorded more than 80 per cent success in its efforts to improve production,” he said.
Lokpobiri also highlighted the increase in drilling activities, saying the number of active rigs had risen from fewer than 10 when the administration assumed office to more than 70 currently.
He said sustained drilling activities were critical to increasing production and achieving Nigeria’s target of raising crude output to about three million bpd.
The minister said Nigeria’s vast petroleum reserves would only translate into economic value if the government continued to create an enabling environment for investment and issued licences to investors with the requisite financial and technical capacity.
He urged NUPRC to sustain its reforms and provide efficient regulatory services that would support continued growth in the upstream sector.
He said the country must provide investors with a predictable operating environment to enable it to take advantage of emerging opportunities in the global oil market.
The minister said the government remained committed to unlocking Nigeria’s petroleum resources for the benefit of Nigerians and the global energy market.
The Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, said regulatory stability in Nigeria’s petroleum sector must translate into increased investment, faster project delivery and greater economic value.
Expo, represented by Mrs Patience Oyekunle, Permanent Secretary of the ministry, said PIA 2021 had provided a stronger institutional and regulatory foundation for the industry by improving governance structures, transparency and regulatory processes.
He said that the next phase required industry stakeholders to move beyond reforms to measurable results.
“Regulatory stability is not an end in itself. It must translate into increased investments, accelerated projects, higher production, greater value creation and improved economic benefit for Nigerians.
“The development is, particularly, important for the gas sector, given Nigeria’s vast natural gas resources and their potential to support industrialisation, power generation, domestic energy security and regional economic development.
“Reliable gas supply begins with a healthy upstream investment environment, making regulatory efficiency critical to the development of commercially viable gas projects,” he said.
