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By Emmanuella Anokam
The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, says Nigeria’s is targeting a crude oil production output of 2.5 million barrels per day (mbpd).
Lokpobiri said this on Wednesday in Abuja at the 2026 Management Retreat of the Ministry of Petroleum Resources.
The retreat has as its theme: “Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development.”
The minister said sustaining investments and increasing exploration activities were critical to achieving the production target and boosting the nation’s hydrocarbon reserves.
He charged participants at the retreat to develop a comprehensive framework for increasing production, expanding reserves and enhancing the sector’s contribution to national economic development.
“I thank you for your initiative in putting this together, but I do not want it to be just a talk show.
“At the end of the day, I want to see on my table a clear framework on how we can build on what we have achieved. I want to see how we can achieve 2.5mbpd.
“I know we are on our way there, but oil and gas can only be produced on an incremental basis when investments are sustained,” he said.
Lokpobiri said Nigeria remained strategically positioned in the global energy landscape and could leverage evolving energy market dynamics to attract investments and increase revenue generation.
According to him, the administration of President Bola Tinubu has recorded significant progress in the sector over the past three years, with crude oil production increasing from about one million barrels per day to 1.8 million barrels per day.
He added that the number of active drilling rigs had risen from fewer than 10 to more than 60 within the period.
The minister said reforms implemented by the Federal Government had restored investor confidence, making Nigeria one of the most attractive destinations for oil and gas investments globally.
He said that in spite of possessing about 37 billion barrels of crude oil reserves and substantial gas deposits, Nigeria had only developed a fraction of its hydrocarbon resources.
“We have not explored up to 25 per cent of our potential. We need a clear framework to expand exploration activities and build on our reserves,” he said.
Lokpobiri said the country was attracting growing interest from investors across Asia, Europe and North America due to its strategic position in the global energy market.
He also said the global energy discourse was shifting from energy transition to energy security and energy mix, with oil and gas expected to remain dominant energy sources for the foreseeable future.
“As a leading member of OPEC, Nigeria must formulate policies that will optimise growth in the oil and gas sector and strengthen its position in the global energy landscape,” he said. (NAN)(www.nannews.ng)
Edited by Rabiu Saniali
