Oil Sector Under Tinubu Administration Attracts $16.6 Billion Investments, Records Production Surge, says Minister

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, revealed on Monday that Nigeria’s oil and gas sector had attracted approximately $16.6 billion in investments over the past year under the administration of President Bola Tinubu. Speaking in Abuja while providing updates on the sector’s achievements since May 29, 2023, Lokpobiri emphasized the government’s efforts to create an environment conducive to investment. Notable investments include $5 billion and $10 billion in deepwater offshore assets, as well as a $1.6 billion commitment to oil and gas asset acquisition.

He highlighted the increase in crude oil production, rising from approximately 1.1 million barrels per day to around 1.7 million barrels per day (inclusive of condensate) under Tinubu’s leadership. Efforts to boost production involved revamping redundant oil assets, resolving industry disputes, engaging local communities to protect assets, and enhancing security measures to combat oil theft.

Lokpobiri also mentioned the successful launch of OMLs 13 and 85, with expected daily production rates of 20,000 and 40,000 barrels respectively, as further evidence of the government’s commitment to optimizing production.

The minister’s remarks came as part of the government’s initiative to mark Tinubu’s first anniversary in office, during which ministers were directed to present their performance reports to the public through sectoral media briefings.