Minister Tasks NNPCL On Oil Output Increase By Year End

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has called on the Nigerian National Petroleum Company Limited (NNPCL) to boost oil production significantly by the end of 2025.
Lokpobiri made the call during an interview with Energy Editors at the  Africa Energy Forum (AEF) in Houston, Texas, United States.
Emphasizing the need for accelerated growth in the nation’s oil output, Lokpobiri said he had increased oil production target from President Bola Tinubu’s initial goal of 2 million barrels per day (bpd) to 2.5 million bpd.
According to a statement, “The Federal Government on Wednesday directed the management of the Nigerian National Petroleum Company Ltd. (NNPCL) to increase oil production beyond current levels by the end of the year.
“Although President Bola Tinubu had initially tasked the NNPCL with ramping up production to 2 million barrels per day (bpd) but later increased the target to 2.5 million bpd”.
He insisted that the new target is achievable, noting that the nation had previously reached that level during the COVID-19 pandemic, despite low investment.
Lokpobiri explained that the “Drill or Drop” policy under the Petroleum Industry Act (PIA) required new drilling to replenish reserves for every oil extraction, using underground surveys.
He urged global investors to take advantage of Nigeria’s improved regulatory environment and competitive fiscal terms, describing the country as a top destination for energy investment.