Lokpobiri Reviews Nigeria's Oil Sector Progress and Goals

Heineken Lokpobiri, the Minister of State for Petroleum Resources, conducted a review of the petroleum sector's progress during a management retreat in Abuja. He reaffirmed the federal government's commitment to strengthening institutional performance and accountability within the sector.

Lokpobiri noted significant milestones since he assumed office, particularly in crude oil production, which has increased to approximately 1.8 million barrels per day. He mentioned that the number of active drilling rigs has risen to 60 across various locations in the country.

The minister attributed these improvements to reforms aimed at restoring investor confidence and creating a stable regulatory environment. He also revealed that Nigeria's foreign reserves have exceeded $50 billion, the highest level recorded in 17 years.

Despite these gains, Lokpobiri urged stakeholders to sustain momentum and target crude oil production above 2.5 million barrels per day. He called for intensified exploration activities in frontier inland basins to unlock untapped hydrocarbon resources.