Lokpobiri’s vision promises to bring significant changes to the sector, ensuring that license renewals are tied to tangible development. This shift is expected to boost Nigeria’s oil industry, promoting growth and investment.

The Cross Industry Group (CIG) meeting provided the perfect platform for Lokpobiri’s announcement, as it gathered key stakeholders from the oil producers trade section. With five major oil companies operating in Nigeria present, this new direction is poised to have a lasting impact on the country’s oil landscape.

Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, is calling on industry players to step up their game and support the country’s ambitious goal of boosting oil production by over one million barrels within the next two years. In a recent press statement, Lokpobiri stressed that the time for complacency is over, saying “We cannot afford to hold valuable fields in perpetuity. It’s either you put them to work or relinquish them. The era of renewing licenses without development is over”.

Nigeria’s Minister of State for Petroleum Resources is shaking things up to attract more investors to the oil and gas industry. He’s implemented two key strategies: lowering barriers to entry and enforcing the “drill or drop” policy.

Nigeria is making a bold move to boost its oil and gas sector! Minister Lokpobiri recently announced the government’s initiative to launch bid rounds for 31 strategically selected oil and gas blocks, a crucial step in Nigeria’s development strategy. This move is expected to increase reserves and stimulate economic growth, earning the Minister praise from the Oil Producers Trade Section (OPTS) for his proactive approach ¹.

Lokpobiri emphasized that Nigeria’s petroleum resources hold immense value and potential, but realizing this potential requires tackling challenges and leveraging strengths to ensure shared prosperity and energy security. His address served as a rallying call to industry stakeholders, urging collaboration to secure Nigeria’s energy future