Nigeria’s target of 2.06million bpd crude oil production target in 2025, is achievable, the Minister of State for Petroleum, Heineken Lokpobori has said. Lokpobori said this on Thursday in Abuja at the Nigeria Petroleum Industry Leadership Discourse, with the theme: “Nigeria’s Oil Production Growth Roadmap Acceleration Imperatives’’ organised by Heirs Energies Limited. ”The 2025 budget Read More
Nigeria aims to achieve a crude oil production target of 2.06 million barrels per day (bpd) by 2025, a goal deemed achievable by Heineken Lokpobiri, the Minister of State for Petroleum. Currently, Nigeria produces approximately 1.75 million bpd, an increase from 1.5 million bpd previously. Factors contributing to this optimism include enhanced investments, improved security in the Niger Delta, and sector reforms, such as reduced bureaucracy and technology deployment to combat inefficiencies and corruption. Tony Elumelu, Chairman of Heirs Energies Limited, highlighted a 4% monthly increase and a 5.7% year-on-year rise in production to 1.7 million bpd in January 2025. He emphasized the pivotal role of indigenous companies, now controlling over 50% of production, and stressed the importance of stakeholder collaboration for continued growth.
