Nigeria’s Oil Sector Sees Surge In Investment Under President Tinubu’s Leadership (Details)

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, revealed on Monday that Nigeria’s oil and gas sector has attracted approximately $16.6 billion in investments over the past year. This announcement was made in Abuja as Lokpobiri provided updates on the sector’s achievements since President Bola Tinubu took office on May 29, 2023….CONTINUE READING

Speaking about efforts to attract investments, the minister emphasized the importance of creating an enabling environment for businesses to thrive. He attributed past challenges in attracting investments to factors such as the non-passage of the Petroleum Industry Act and inconsistent policies. However, Lokpobiri expressed satisfaction that recent efforts have revived investor confidence in the sector. Notable investments include commitments of $5 billion and $10 billion in deepwater offshore assets, as well as a $1.6 billion commitment in oil and gas asset acquisition.

Highlighting global interest in Nigeria’s oil assets, Lokpobiri mentioned the ongoing bid round resulting from recent roadshow activities in the United States and Europe.

Lokpobiri also noted a significant increase in crude oil production since Tinubu’s assumption of office. Production has risen from approximately 1.1 million barrels per day to about 1.7 million barrels per day, including condensates. This increase reflects efforts to streamline operations and resolve conflicts among stakeholders.

Efforts to boost crude oil production included revamping redundant oil assets, resolving industry disputes, and engaging local communities to protect assets and reduce oil theft. These initiatives, along with consolidating security frameworks, led to a decline in crude oil theft and increased production for export.

Additionally, Lokpobiri highlighted the commencement of operations in OMLs 13 (Sterling Exploration) and 85 (First E&P), with expected daily production averaging 20,000 and 40,000 barrels respectively. These developments underscore the administration’s commitment to maximizing production from the nation’s oil and gas assets.

In commemoration of his first anniversary in office, President Tinubu had directed ministers to present their performance reports to Nigerians. This directive resulted in sectoral media briefings by the 47 federal ministers, aimed at highlighting achievements and plans for the future.

Published By: Destiny.Jnr