FG Targets 3mbpd Oil Output, Unveils Fresh Push for Global Energy Investments

The Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri (left), and the Honourable Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo (right), on the sidelines of the Nigeria Oil and Gas (NOG) Conference and Exhibition.

"Reforms introduced under President Bola Tinubu's administration had reversed years of declining investment in the upstream sector." Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.

.... As Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, says "Nigeria was leveraging its over 215 trillion cubic feet of proven gas reserves to drive industrialization, strengthen energy security and diversify the economy under the Decade of Gas Initiative."

The Federal Government has reaffirmed its commitment to deepening reforms in Nigeria's oil and gas sector, saying recent policy measures have restored investor confidence, increased crude production and positioned the country as a preferred destination for global energy investments.

Speaking at the opening of the 25th Nigeria Oil and Gas (NOG) Energy Week 2026 in Abuja, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said reforms introduced under President Bola Tinubu's administration had reversed years of declining investment in the upstream sector.

According to him, Nigeria's crude oil production has risen from about one million barrels per day in 2023 to over 1.8 million barrels per day, while the number of active drilling rigs has increased from 14 to more than 60, reflecting renewed exploration and production activities.

Lokpobiri said the government would sustain efforts to push production beyond current levels through increased investment, improved security, regulatory stability and closer collaboration with industry players.

He attributed the sector's resurgence to the implementation of the Petroleum Industry Act (PIA) and other reforms, noting that global demand for Nigerian crude has reinforced the need to expand production capacity.

The Minister also disclosed that divestment deals involving Shell, ExxonMobil and ENI had been successfully concluded, with indigenous operators now accounting for over 60 per cent of Nigeria's daily crude oil output, while the international oil companies have shifted investments to deep offshore operations.

To improve the business environment, Lokpobiri said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), working with the Independent Petroleum Producers Group (IPPG), had engaged PricewaterhouseCoopers (PwC) to conduct a global benchmarking study aimed at simplifying multiple taxes, levies and statutory charges in the industry.

Also speaking, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria was leveraging its over 215 trillion cubic feet of proven gas reserves to drive industrialization, strengthen energy security and diversify the economy under the Decade of Gas Initiative.

Ekpo said the PIA and subsequent Executive Orders had improved regulatory certainty, introduced fiscal incentives and attracted fresh investments across the gas value chain.

He listed major projects including the Ajaokuta-Kaduna-Kano (AKK) Pipeline, OB3 Gas Pipeline, expansion of gas processing facilities and the NLNG Train 7 Project, which is expected to raise Nigeria's LNG production capacity from 22 million to 30 million tonnes per annum.

The Minister also highlighted the Presidential Compressed Natural Gas (CNG) Initiative and the National Clean Cooking Programme as key drivers of domestic gas utilisation, job creation and cleaner energy access. He added that Nigeria remained committed to regional energy integration through the Trans-Saharan Gas Pipeline, Africa-Atlantic Gas Pipeline, Nigeria–Equatorial Guinea Gas Pipeline and the expansion of the West African Gas Pipeline network.

Ekpo noted that Nigeria's assumption of the Presidency of the 2026 Gas Exporting Countries Forum (GECF) and its admission as an Association Country of the International Energy Agency (IEA) reflected growing international confidence in the country's energy reforms.

In her remarks, the Special Adviser to the President on Energy, Olu Verheijen, said the Federal Government remained on course to achieve 3 million barrels per day of crude oil production and 10 billion standard cubic feet of gas per day by the end of the decade.

She disclosed that Nigeria had secured over $10 billion in Final Investment Decisions (FIDs) within the last three years, while crude oil and condensate production had increased by more than 400,000 barrels per day. She added that the country's external reserves had surpassed $50 billion, underscoring growing investor confidence in the economy.

This was contained in a statement signed by Assistant Director (Information and Public Relations), Ngozi Umeano, of the Federal Ministry of Petroleum Resources in Abuja.