The Federal Government says asset sales by international oil firms have lifted Nigeria’s crude output by 200,000 barrels daily and attracted $5.5bn investments.
Minister Heineken Lokpobiri assured investors of transparency and long-term opportunities in the sector.
The Federal Government says recent sales of assets by International Oil Companies (IOCs) have boosted Nigeria’s crude oil production by about 200,000 barrels per day, while attracting over $5.5 billion in new investments.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made this known in Cape Town, South Africa, during the Africa Energy Week, where he represented President Bola Tinubu.
“These are not just transfers of assets, they are transfers of confidence, capability, and ownership,” Lokpobiri stated. He stressed that the administration is working to build a transparent and stable oil sector that will appeal to long-term investors.
Over the last three years, companies like Shell, ExxonMobil, and Chevron have sold off their onshore and shallow-water holdings to focus on deepwater projects. Their exits have allowed local firms such as Seplat Energy, Oando, and Heirs Holdings to expand their operations and increase local participation in the industry.
Lokpobiri highlighted that the government’s reforms, especially the Petroleum Industry Act, are providing a predictable regulatory framework, encouraging licensing transparency, stronger oversight, and fairer deals with host communities.
He pointed to the “Project One Million Barrels” initiative, launched in 2024, which has helped raise daily crude production to between 1.7 and 1.83 million barrels. Active drilling rigs also increased from 31 in January to 50 by July this year.
The minister urged African countries to keep more value from their oil and gas resources through infrastructure and industrial development. He observed that Africa spends over $120 billion annually on hydrocarbon imports, calling it a lost chance for growth.
On energy transition, he argued that no resource should be abandoned, saying the focus should be on availability and affordability of all forms of energy.
Lokpobiri reaffirmed Nigeria’s position as a key energy player in Africa, assuring investors that the country offers “opportunities at scale” and consistent reforms. He invited global partners to join in Nigeria’s energy growth, declaring, “Come to Nigeria. Be part of the energy revolution.”
