The federal government has stated that recent sales by multinational oil companies have increased Nigeria's crude output by approximately 200,000 barrels daily, aiding initiatives to bring stability to the industry.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, revealed this in Cape Town, South Africa, during a keynote speech representing President Bola Tinubu at the Africa Energy Week.
"These are more than just asset transfers; they represent the movement of trust, skills, and ownership," the Minister stated, adding that the sales had already generated over $5.5 billion in new investments within a short period.
In a statement released by his special assistant for Media and Communication, Nneamaka Okafor, on Thursday, Lokpobiri emphasized that the Tinubu government is dedicated to establishing a transparent, stable, and business-friendly oil sector to draw in long-term investments.
In the last three years, leading oil companies like Shell, ExxonMobil, and Chevron have been selling their land-based and near-shore assets as part of a worldwide plan to concentrate on deep-sea projects.
Their departures have created opportunities for local companies such as Seplat Energy, Oando, and Heirs Holdings to gain substantial ownership, enhancing domestic involvement and increasing Nigeria's production capacity.
The statement mentioned, “Notably, the recent asset sales by International Oil Companies have resulted in more than $5.5 billion in Final Investment Decisions being made within a short period, according to the Minister.”
These are more than asset transfers; they represent shifts in trust, competence, and control. The divestments have already increased national production by around 200,000 barrels daily.
The Minister stated that Nigeria is "open for business" and is actively implementing strategies that focus on investment, efficiency, and sustainable development within the oil industry.
"This event goes beyond a mere conference; it is an appeal for action," he stated, emphasizing that Nigeria is prepared not only to engage in the global energy market but also to drive change and development across Africa.
Lokpobiri expanded on the courageous policy actions taken during President Tinubu's leadership, especially the Petroleum Industry Act, which establishes a transparent and stable financial and regulatory framework for investors.
The PIA has established the groundwork for licensing openness, involvement with local communities, enhanced regulatory control, and a balanced contract system.
The Minister stated, 'What sets Nigeria apart today is the legal, regulatory, financial, and structural changes we are implementing.'
The Nigerian upstream industry is demonstrating indications of a robust revival.
The "Project One Million Barrels" program, introduced by the Nigerian Upstream Petroleum Regulatory Commission in October 2024, has boosted daily crude oil output to range from 1.7 to 1.83 million barrels per day, with a significant rise of 300,000 barrels per day recorded in July 2025 alone.
Furthermore, the count of operational drilling rigs has increased from 31 in January to 50 by July 2025, indicating that reforms are generating value throughout the industry.
Within the larger African framework, the minister called on the continent to capture more worth from its oil and gas resources by concentrating on infrastructure, economic growth, and regional supply networks.
He pointed out that Africa invests more than $120 billion each year in hydrocarbons, primarily via imports, which he described as a lost chance for economic development.
He promoted increased cooperation among African nations and funding, highlighting that Africa possesses almost $4 trillion in local capital, such as pension and insurance funds.
"The issue is no longer whether funds are available, but rather how we can direct them towards productive investments across our continent," he stated.
Speaking about the global energy dialogue, the Minister emphasized the need for fairness and equilibrium.
He maintained that the story should move towards a varied energy combination, rather than the rejection of any resource.
He emphasized that the priority should be the availability, access, and cost-effectiveness of all types of energy.
He emphasized that Nigeria, similar to other countries, will keep using its oil resources in a responsible manner while developing a varied and long-term energy foundation.
Lokpobiri emphasized Nigeria's position as a top energy contributor in Africa. "We are providing opportunities on a large scale, implementing reforms consistently, offering incentives clearly, respecting local involvement, and having a vision that drives modernization with intent," he stated.
To international investors, he issued a direct call: “Visit Nigeria. Join the energy transformation.”
Through significant changes, high aspirations, and a welcoming approach, Nigeria is forging a courageous route ahead in Africa's energy landscape.
Provided by SyndiGate Media Inc. (Syndigate.info).
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