Mr Lokpobiri said that sustaining investments and increasing exploration activities were critical to achieving the target and boosting the nation’s reserves.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said that Nigeria’s crude oil production target remains 2.5 million barrels per day (mbpd).
The theme of the retreat is: “Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development.”
Mr Lokpobiri said that sustaining investments and increasing exploration activities were critical to achieving the target and boosting the nation’s reserves.
He directed the participants of the retreat to develop a comprehensive framework for increasing production, expanding reserves and enhancing the sector’s contribution to national economic development
“Thank you for your initiative of putting this together. But I don’t 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 do 2.5mbpd.
“I know we are on our way there. But oil and gas can only be produced on an incremental basis when you also sustain investments,” he said.
According to Mr Lokpobiri, Nigeria remains strategically positioned in the global energy landscape and could leverage evolving energy market dynamics to attract investment and increase revenue.
He said the President Bola Tinubu administration had recorded significant progress in the sector over the past three years, with crude oil production rising from about 1mbpd to 1.8mbpd, while the number of active drilling rigs increased from fewer than 10 to more than 60.
The minister said the federal government’s reforms also restored investor confidence, making Nigeria one of the most attractive destinations for oil and gas investments globally.
Mr Lokpobiri said Nigeria had only developed a fraction of its hydrocarbon resources in spite of possessing about 37 billion barrels of crude oil reserves and significant gas deposits.
“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.
He said Nigeria was attracting growing interest from investors across Asia, Europe and North America due to its strategic position in the global energy market.
Mr Lokpobiri also said the global energy conversation was shifting from energy transition to energy security and energy mix, with oil and gas expected to remain dominant sources of energy for the foreseeable future.
“As a leading member of the Organisation of the Petroleum Exporting Countries (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.
The retreat has its theme as “Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development.”
(NAN)
