Minister Reveals Increase in Nigeria's Crude Output from IOC Divestments

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, revealed that recent divestments by International Oil Companies (IOCs) in Nigeria's oil sector have added 200,000 barrels per day (bpd) to the nation's crude output. Major IOCs like Shell, ExxonMobil, TotalEnergies, and Eni have sold onshore oil and gas assets in Nigeria to focus on deepwater operations.

Lokpobiri highlighted the significance of indigenous firms taking over these assets and contributing to the country's crude oil production. He emphasized the need for cooperation among African countries to explore domestic capital and outlined policy measures, including the Petroleum Industry Act (PIA), to enhance Nigeria's oil sector transparency and regulatory environment.