The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said Nigeria can achieve a daily oil production of three million barrels in 2025.
Speaking at an energy conference in Lagos, Lokpobiri highlighted that this target includes both crude oil and condensates. He assured that the increase would not violate Nigeria’s commitments to the Organisation of the Petroleum Exporting Countries (OPEC).
“When we took over, we were barely producing a million barrels per day. Today, we are doing 1.8 million barrels per day, and we can do more,” Lokpobiri said.
He explained that one key challenge was the classification of Nigeria’s oil output. “A lot of what we produce is condensate, but since we mix it with crude, it all gets counted as crude oil. If we separate them properly at our terminals, we will hit three million barrels per day,” he stated.
The minister called on industry stakeholders to support the government’s efforts, saying, “Nigeria must take the lead in solving Africa’s energy poverty. We cannot afford to slow down.”
However, he noted that attracting investment remains a challenge. Many investors are hesitant due to inconsistent government policies.
“I have spoken with global investors, and their biggest concern is Nigeria’s policy unpredictability. One day, a new rule comes up restricting company funds, and the next day, another policy reverses it. This uncertainty scares investors,” he warned.
Nigeria’s oil production struggled throughout 2024, failing to meet its OPEC quota of 1.5 million barrels per day due to oil theft, pipeline vandalism, and underinvestment.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set a target to raise production above two million barrels per day this year, with hopes of reaching the three-million-barrel goal in 2025.
