Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has stated the President Bola Tinubu-led administration has attracted about $16.6bn investments in the oil sector in the past one year.
The minister who made this known while providing updates on achievements in the oil sector since President Bola Tinubu assumed office on May 29, 2023, also said that crude oil production, which was at approximately 1.1 million barrels per day, including condensates, had now risen to approximately 1.7 million barrels per day (plus condensate).
He said to attract the investments, the government’s main objective has been to create an environment where investments can thrive.
Lokpobiri pointed out that for over a decade, the non-passage of the Petroleum Industry Act and inconsistent policies had driven investments away but the efforts of the current administration had rekindled investor confidence in the sector, bringing about notable investments, including some to the the tune of $5 billion and $10 billion in deepwater offshore assets; and $1.6 billionn investment commitment in oil and gas asset acquisition.
“The very high global interest is noted in the ongoing bid round of assets coming online, arising from the recent roadshow activities in the United States and Europe.”
The minister further noted that to achieve increase in crude oil production, efforts were made towards revamping redundant oil assets to active status, as well as continuous engagements with international oil companies and Independent Petroleum Producers Group members in resolving industry disputes towards increasing production.
