Post by Arise News (@arisenews)

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says Nigeria’s crude oil and condensate production has increased by about 80%, rising from roughly 1 million barrels per day in 2023 to 1.8 million bpd under President Bola Tinubu’s administration. Speaking at the Ministry of Petroleum Resources’ 2026 Ministerial Retreat in Abuja, Lokpobiri credited policy reforms and renewed investor confidence for the growth but stressed that the country remains below its 2.5 million bpd target. He called for a comprehensive framework to expand Nigeria’s hydrocarbon reserves through aggressive exploration, noting that the nation’s estimated 37 billion barrels of oil and 209 trillion cubic feet of gas reserves have remained largely unchanged for decades. The minister also highlighted rising foreign reserves, growing investment interest, and evolving global energy trends as opportunities for Nigeria to strengthen its position in the energy sector.

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