Lokpobiri Urges IOCs To Accelerate In-Field Drilling, Reaffirms FG Commitment To Sustainable Production Growth

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has called on International Oil Companies to accelerate in-field drilling and other near-term interventions to boost Nigeria’s crude oil output.

Lokpobiri made the call during the Cross Industry Group Stakeholder Meeting organised by the Oil Producers Trade Section in Abuja, where industry stakeholders discussed production growth, investment opportunities and measures to address Nigeria’s operating cost premium.

The minister noted that while ongoing reforms have restored investor confidence and attracted significant investments, greater emphasis must now be placed on translating commitments into actual projects and additional barrels.

“Our success will ultimately be measured not by the investments we announce, but by the projects we deliver and the additional barrels we produce,” Lokpobiri stated.

He emphasised the importance of maximising existing assets while advancing major developments, urging IOCs to prioritise in-field drilling, workovers and other interventions capable of delivering additional production in the short term.

Lokpobiri stressed that sustaining industry momentum requires fiscal stability, consistent implementation of incentives, predictable regulation, shorter contracting timelines and the removal of unnecessary operational bottlenecks.

“Let me assure you that our doors remain open. We are willing to listen, engage and take the necessary decisions to keep enabling business,” he said, reaffirming the government’s readiness to collaborate with operators to improve Nigeria’s competitiveness and ease of doing business.

The minister also challenged OPTS members to complement government reforms with timely investment decisions, faster project execution and deliberate efforts to reduce operating costs.

He reiterated that the Federal Government remains committed to creating an enabling environment where investments translate into delivered projects, increased production and sustainable economic value for Nigeria.

The meeting also addressed Nigeria’s operating cost premium, with stakeholders deliberating on measures to improve efficiency and strengthen the sector’s competitiveness.