Nigeria Aims for 3m bdp of Oil Production Daily by 2025-Lokpobiri

Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, announced that the country is targeting a production of three million barrels of oil per day by 2025.

This ambitious goal includes both crude and condensates and aims to be achieved without conflicts with the Organisation of the Petroleum Exporting Countries (OPEC).

During an energy conference in Lagos on Tuesday, Lokpobiri emphasized that continued investment in oil and gas is crucial for solving energy poverty in Nigeria and across Africa. He remarked, “Oil and gas remain the backbone of our revenue and foreign exchange.”

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Lokpobiri expressed satisfaction with the current administration’s progress, noting that daily oil production has increased from one million barrels to 1.8 million barrels per day. He said, “When we began, we barely produced a million barrels daily. Now, we are at 1.8 million barrels and can achieve more. This progress is largely driven by local efforts. We must continue this trajectory together.”

He outlined plans to further boost production, aiming for 2.5 to three million barrels this year. Lokpobiri mentioned the importance of properly segregating condensate and crude oil to maximize production capacity. “By dedicating specific reservoirs for condensate and others for crude, we can reach the three million barrels target without issues with OPEC,” he explained.

Addressing the Petroleum Technology Association of Nigeria, Lokpobiri called for continued collaboration to enhance local capacity and lead Africa in oil and gas production. He stressed the importance of creating a stable and transparent environment to attract investors, noting that inconsistent government policies have deterred investment in the past.

Lokpobiri highlighted the need for consistency and predictability in policies, stating, “Investors need to know they can rely on our policies. We must ensure our environment is competitive and predictable to maintain Nigeria’s leadership in Africa.”

According to the Nigerian Upstream Petroleum Regulatory Commission, Nigeria plans to raise oil production above two million barrels per day this year. Last year, the country struggled to meet its OPEC quota due to issues such as vandalism, illegal oil theft, and lack of investment.