The Nigerian government’s target of increasing oil production to 2.06 million barrels per day (bpd) by 2025 is seen as achievable according to Heineken Lokpobori, the Minister of State for Petroleum. Speaking at the Nigeria Petroleum Industry Leadership Discourse in Abuja, he highlighted that while Nigeria has been producing around 1.75 million bpd currently, there have been incremental increases, such as an additional 250,000 bpd recently.
Lokpobori pointed out that the lack of investment in the oil sector for over a decade is changing, with an influx of new investments as Nigeria improves its perception in the global market. He also praised the efforts of the military and other stakeholders in improving security in the Niger Delta, leading to fewer pipeline vandalizations and thefts.
On the regulatory front, the government has streamlined processes, with an emphasis on reducing bureaucratic delays. Lokpobori assured that documents would no longer remain on his desk for more than 24 hours, thanks to technology and reforms addressing inefficiencies.
Tony Elumelu, Chairman of Heirs Energies, echoed the optimism, noting that the industry is now transitioning from a period of decline to growth. With these improvements and continued efforts, the goal of 2.06 million bpd seems within reach for Nigeria by 2025.