The Nation Newspaper

Tag: Lokpobiri

  • Govt targets 3mbpd oil production, says Lokpobiri

    Govt targets 3mbpd oil production, says Lokpobiri

    The Federal Government is banking on its collaboration with the Nigerian Navy to achieve its three million barrels per day (mbpd) in crude oil production target by next year.

    Nigeria’s current output stands at approximately 1.8 mbpd, a significant increase from the 1.4 mbpd recorded in 2023.

    Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, unveiled the ambitious plan yesterday during the launch of the second phase of Operation Delta Sanity II (OPDS II) in Port Harcourt, Rivers State.

    Lokpobiri noted that the initial phase of OPDS, launched on January 10, had contributed to the improved production figures, prompting the Nigerian Navy to proceed with the second phase.

    “In August 2023, Nigeria’s daily crude oil production was barely a million bpd. Currently, the nation produces about 1.8 mbpd.

    “Our target is to reach three mbpd by 2025, and we are confident that the second phase of OPDS will play a key role in achieving this milestone.”

    He emphasised the pivotal role of the Nigerian Navy in ensuring security, stating that it would continue to collaborate with other security agencies to combat oil theft and pipeline vandalism.

    Despite these efforts, Lokpobiri expressed concern about the persistent sabotage of the Trans Niger Pipeline.

    He said: “The Trans Niger Pipeline remains a major challenge, with criminals breaking into pipelines to siphon crude oil.

    “However, the Nigerian Navy has pledged to intensify its efforts to protect these national assets, building on its successes in 2024.”

    The minister underscored the broader implications of curbing oil theft, highlighting the potential for increased government revenue and enhanced allocations to states and local governments.

    He called on security agencies, maritime contractors, monarchs and local youths to support the navy’s efforts.

    The Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, expressed optimism about the feasibility of reaching the three mbpd production target.

    He stated that OPDS was specifically designed to address oil theft, pipeline vandalism, and other maritime crimes, ensuring a secure environment for legitimate operations.

    Read Also: Yelutide: Group hails Dangote Refinery, MRS Oil’s partnership on price of fuel

    The Naval boss said: “The initial phase of the OPDS led to numerous arrests of vessels and oil thieves, as well as the dismantling of several illegal refining sites across the Niger Delta.

    “These measures resulted in significant improvements in legitimate maritime activities and boosted crude oil production, with several oil companies reporting 100 per cent terminal factor.”

    Vice Admiral Ogalla explained that the navy saw the need to refine the operation to achieve even better outcomes.

    He said: “Rejigging the operation involves deploying newly acquired maritime domain awareness infrastructure, attack helicopters, armed drones, and enhanced intelligence-gathering systems.

    “We are also incorporating non-kinetic approaches and strengthening collaboration with relevant stakeholders to sustain and increase crude oil production beyond 2 million bpd, as directed by President Bola Tinubu.”

  • Lokpobiri: Shell’s Bonga North project to boost Nigeria’s economic value

    Lokpobiri: Shell’s Bonga North project to boost Nigeria’s economic value

    The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated yesterday that an additional 110,000 barrels per day (bpd) from Shell Plc will increase Nigeria’s economic value.

    He welcomed Shell PLC’s announcement to proceed with the Final Investment Decision (FID) on the Bonga North deep-water project.

    The project, located off Nigeria’s coast, is expected to sustain production at the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, with recoverable resources estimated at over 300 million barrels of oil equivalent (boe).

    Reacting to the development, Senator Lokpobiri said, “This project is expected to add 110,000 barrels per day to Nigeria’s production capacity, creating significant economic value for the nation.”

    This statement was contained in a press release from his special adviser on media, Nneamaka Okafor, issued from Abuja.

    The minister noted that the announcement aligns with the federal government’s commitment to revamping Nigeria’s oil and gas sector through strategic reforms and investments.

    “This announcement by Shell is a clear indication that our policies are working. It underscores the confidence investors have in the reforms and enabling environment being fostered under President Bola Ahmed Tinubu’s administration,” he said.

    Read Also: Lokpobiri champions investment at #AEW2024, showcases Nigeria’s strategic reforms

    It will be recalled that the Minister had consistently assured Nigerians that major investment announcements would be made before the end of the year. The Shell FID is one of several anticipated investments, and Lokpobiri reiterated the government’s commitment to providing the enabling environment for businesses to thrive.

    “This is just one of many investments we are expecting. The federal government remains steadfast in addressing investor concerns, improving regulatory frameworks, and ensuring that the oil and gas sector continues to attract global players. Our goal is to use such investments to drive economic growth, create jobs, and improve the standard of living for Nigerians,” the minister added

    The Bonga North project will function as a subsea tie-back to the Shell-operated Bonga FPSO facility, where Shell holds a 55% interest. It represents a major step forward for Nigeria’s energy sector, marking a significant increase in production capacity and enhancing the country’s position as a global energy player.

    Lokpobiri commended Shell for its confidence in Nigeria and assured the company of the government’s support in ensuring the project’s success. He further emphasized that more initiatives are underway to sustain the momentum in attracting investments into the sector.

  • Lokpobiri champions investment at #AEW2024, showcases Nigeria’s strategic reforms

    Lokpobiri champions investment at #AEW2024, showcases Nigeria’s strategic reforms

    At the Africa Energy Week 2024 (#AEW2024) in Cape Town, Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D., engaged with international investors, highlighting Nigeria’s significant potential as a key energy investment hub.

    Emphasizing Nigeria’s position as home to nearly 30% of Africa’s oil and gas reserves, Senator Lokpobiri underscored the government’s commitment to creating an attractive investment environment through strategic reforms in the oil and gas sector.

    “Our vast resources make Nigeria a natural destination for energy investments in Africa,” Lokpobiri stated, adding that the ongoing reform agenda, led by President Bola Ahmed Tinubu, demonstrates Nigeria’s readiness to become a globally competitive energy player.

    “The Minister discussed recent executive orders introduced to incentivize investors, alongside the elimination of bureaucratic delays in operational licensing. “Through these measures, we’re not only creating a level playing field but also ensuring that investors see Nigeria as a strategic and efficient market,” Lokpobiri affirmed.

    One of the significant issues Lokpobiri addressed was the importance of independent players. Despite facing challenges related to funding, these players remain crucial to Nigeria’s energy industry and continue to drive local development and capacity building.

    “The independents play a fundamental role in our oil sector,” said Lokpobiri. “However, financing has been a persistent hurdle. We are addressing this challenge by establishing stronger financial structures to support local producers.”

    Lokpobiri pointed to the establishment of the Africa Energy Bank as a transformative solution. Formed through a partnership between the African Petroleum Producers’ Organization (APPO) and AfreximBank, this dedicated energy bank aims to bridge funding gaps within the African energy sector.

    With Nigeria selected as its headquarters, the bank is expected to open new financing channels, enhancing investor confidence and fueling industry growth.

    “The Africa Energy Bank is set to be a game-changer for our sector,” Lokpobiri noted. “It will provide the financial stability and support that both local and foreign investors need.”

    Lokpobiri also reiterated the benefits of Nigeria’s fully deregulated oil sector, which allows for open participation across all segments of the industry. He encouraged investors to capitalize on this deregulated environment, which removes barriers and fosters healthy competition.

    “Our sector is fully open and ready for global partnerships,” Lokpobiri concluded. “We invite all investors to take advantage of the incredible opportunities Nigeria offers in oil and gas. Together, we can drive the industry toward a sustainable and prosperous future.”

    The Minister’s engagement at #AEW2024 demonstrates Nigeria’s proactive approach to boosting investor confidence and securing partnerships that will shape the nation’s energy future.

  • Era of oil license renewal without development over – Lokpobiri

    Era of oil license renewal without development over – Lokpobiri

    The era of merely renewing Petroleum Exploration Licenses without any accompanying development is now a thing of the past in Nigeria, according to Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil). His remarks were made during the Cross Industry Group (CIG) meeting in Istanbul, Turkey, where he addressed representatives from the oil producers trade section, which includes five major oil companies operating in Nigeria.

    In a press statement issued by his Special Adviser on Media and Communication, Nneamaka Okafor, Lokpobiri emphasized the urgent need for industry players to demonstrate greater commitment to Nigeria’s ambitious goal of increasing oil production by over one million barrels within the next 24 months. “We cannot afford to hold valuable fields in perpetuity,” he asserted. “It’s either you put them to work or relinquish them. The era of renewing licenses without development is over.”

    The Minister highlighted that, in line with international best practices, barriers to entry have been lowered through reduced signature bonuses to attract a broader range of investors. He reiterated the strict enforcement of Nigeria’s “drill or drop” policy, aimed at ensuring that licenses lead to actual production rather than mere retention.

    Lokpobiri pointed to the government’s recent initiative to launch bid rounds for thirty-one strategically selected oil and gas blocks, which he described as a cornerstone of Nigeria’s development strategy. Each block is poised to boost reserves and stimulate economic growth, with the Minister receiving commendations from the Oil Producers Trade Section (OPTS) for his proactive and refreshing approach to the sector.

    Read Also: Concerns as silent rage of hazardous pollution threatens air quality

    His address served as a rallying call to industry stakeholders, urging them to collaborate in securing Nigeria’s energy future. “Nigeria’s petroleum resources hold immense value and potential. Realizing this potential requires addressing our challenges and leveraging our strengths to ensure shared prosperity and energy security,” he stated.

    Presenting a comprehensive strategic plan to navigate the challenges and opportunities within Nigeria’s petroleum industry, Lokpobiri underscored the sector’s critical role in the national economy, providing around 85% of government revenue and serving as a vital source of foreign exchange. As the global landscape shifts toward cleaner energy solutions, he stressed the necessity for Nigeria’s oil and gas sector to remain resilient, competitive, and profitable.

    The Minister outlined a dual approach to secure the future of Nigeria’s petroleum industry by maximizing crude oil production while adapting to the ongoing transition to cleaner energy. “In the short term, our focus remains on increasing revenue from crude oil production,” he asserted, reinforcing the government’s commitment to addressing operational challenges and upgrading infrastructure.

    Recognizing the urgency for cost reduction, Lokpobiri highlighted government measures aimed at streamlining operations, particularly in upstream activities, to ensure competitiveness in a fluctuating global market. A significant aspect of the government’s vision involves balancing energy demands with environmental considerations. He acknowledged, “The world is moving toward cleaner energy, and Nigeria must be part of that transition.” The government has prioritized natural gas as a cleaner alternative while exploring renewable energy options to diversify Nigeria’s energy mix.

    The Minister extended an invitation to industry players to invest in cleaner, sustainable practices, stressing that Nigeria’s transition will remain pragmatic and focused on local priorities. Addressing the persistent security challenges in the Niger Delta, he reported ongoing efforts to enhance protection for Nigeria’s oil infrastructure through improved security measures. “We are engaging communities and encouraging partnerships that foster local ownership of critical assets,” he stated.

    These efforts include increased military support from the Nigerian Navy and Joint Task Force (JTF), as well as community engagement and economic empowerment initiatives aimed at combating pipeline vandalism and oil theft. The government is also leveraging technology-driven solutions, such as drone and satellite surveillance, to bolster the security framework and detect potential threats to the industry.

    Lokpobiri highlighted a comprehensive package of reforms and incentives designed to revitalize Nigeria’s oil and gas sector, aiming to attract greater investment and stimulate economic growth. Key elements of this strategy include the VAT Modification Order 2024 and the Tax Incentives Order for deep offshore oil and gas production, which offer fiscal benefits to companies in the sector.

    Additionally, directives are in place to reduce contracting costs and timelines, mandating a streamlined procurement cycle of six months to enhance efficiency for investors. By incentivizing both non-associated gas and deep-water developments, Tinubu’s administration seeks to position Nigeria as a competitive energy investment hub in Africa. This forward-looking framework aims to harness the country’s resources while diversifying revenue streams, ensuring a balanced approach that supports both growth and sustainability in Nigeria’s oil and gas industry.

    Lokpobiri also reaffirmed the government’s commitment to the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, stressing the importance of promoting local content while maintaining an open environment for foreign investment. He assured stakeholders that discussions are underway to align amendments to the NOGICD Act with the dual objectives of fostering local growth and maintaining investor confidence.

  • Lokpobri: Era of oil license renewal without development over

    Lokpobri: Era of oil license renewal without development over

    The era of simply renewing Petroleum Exploration Licenses without development is over in Nigeria, according to the Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobri.

    He stated this to a distinguished gathering of the Oil producers trade section (a group by the five oil giants operating in Nigeria) at the Cross Industry Group (CIG) meeting  in Istanbul, Turkey.

    This was contained in the statement his Special Adviser on Media and Communication, Nneamaka Okafor issued in Abuja. 

    Lokpobiri called for greater commitment from industry players to support Nigeria’s ambitious plan to increase oil production by over one million barrels within the next 24 months.

    He said: “We cannot afford to hold valuable fields in perpetuity,” he stated. “It’s either you put them to work or relinquish them. The era of renewing licenses without development is over.”

    He said in line with international best practices, barriers to entry have been reduced through signature bonuses to attract a wider range of investors, with strict enforcement of Nigeria’s “drill or drop” policy.

    The Minister emphassed that the government’s recent initiative to launch bid rounds for thirty-one oil and gas blocks will be a cornerstone of Nigeria’s strategic development. 

    Each block has been meticulously selected for its potential to boost reserves and stimulate economic growth. 

    The Minister received commendations from the Oil Producers Trade Section (OPTS) for his proactive approach, which was described as “a breath of fresh air” for the sector.

     Lokpobiri’s address served as a clarion call to industry stakeholders to collaborate in securing Nigeria’s energy future. 

    As he emphasised that “Nigeria’s petroleum resources hold immense value and potential. Realizing this potential requires addressing our challenges and leveraging our strengths to ensure shared prosperity and energy security.”

    Presenting a strategic plan to navigate the challenges and opportunities within Nigeria’s petroleum industry. 

    Lokpobiri underscored the sector’s central role in Nigeria’s economy, providing around 85% of government revenue and serving as a vital source of foreign exchange. 

    As the global landscape shifts towards cleaner energy, he emphasised the necessity for Nigeria’s oil and gas sector to remain resilient, competitive, and profitable.

    The Minister outlined Nigeria’s dual approach to ensure the future of its petroleum industry by focusing on maximizing crude oil production and adapting to a cleaner energy transition. “In the short term, our focus remains on increasing revenue from crude oil production,” Lokpobiri stated, affirming the government’s commitment to addressing operational bottlenecks and upgrading infrastructure.

     Recognizing the urgency of cost reduction, he highlighted government measures aimed at streamlining operations, particularly upstream activities, to remain competitive in a fluctuating global market.

    A significant part of the government’s vision involves balancing energy demands with environmental considerations. 

    The Minister assured stakeholders that discussions are underway to align NOGICD Act amendments with the dual goals of fostering local growth and maintaining investor confidence.

  • Nigeria ready to host Africa Energy Bank – Lokpobiri

    Nigeria ready to host Africa Energy Bank – Lokpobiri

    The Federal Government of Nigeria has confirmed its readiness to host the headquarters of the Africa Energy Bank (AEB), following the country’s successful bid in July 2024.

    Preparations are well underway to ensure a seamless operational launch of the Bank in the first quarter of 2025, marking a significant milestone in Africa’s energy sector development.

    At the 46th Ordinary Session of the Ministerial Council of the African Petroleum Producers’ Organization (APPO) held in Yaoundé, Cameroon, Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D., reaffirmed Nigeria’s commitment to the Bank’s establishment. While speaking to the Ministers of the 18 APPO member States, Lokpobiri expressed Nigeria’s enthusiasm for the project, stating, “We are prepared to host the Africa Energy Bank, and our dedication to enhancing funding for Africa’s energy sector remains unwavering.”

    This was made known in a statement by the SA Media and Communication to the Minister, Nneamaka Okafor on Saturday, November 2, 2024.

    A cornerstone of the Bank’s mission is to bridge financing gaps within Africa’s oil and gas industry, facilitating advancements in energy infrastructure across the continent. Lokpobiri emphasized that the Federal Government, under President Bola Ahmed Tinubu’s leadership, has taken significant steps to lay the groundwork for the Bank’s strategic objectives. “Our commitment is underscored by Nigeria’s contribution of $69.1 million in equity funding to the Africa Energy Bank, which demonstrates our leadership role in supporting critical energy initiatives on the continent,” he noted.

    Beyond financial contributions, Nigeria has also formally signed and ratified the AEB Establishment Agreement and Charter, a development that APPO has praised as a significant leap toward establishing the Bank. With the Treaty now in effect, the legal and operational framework is set, paving the way for the AEB’s launch and enabling it to advance its objectives of enhancing energy security and promoting sustainable development across the continent.

    Lokpobiri further called on other APPO member countries to join Nigeria in accelerating their financial commitments to the Bank. “I urge all member countries to expedite their subscription and payment of their allocated shares to the AEB. Together, we can achieve remarkable advancements in our energy sectors and establish ourselves as a continental energy hub,” he stated.

    The Africa Energy Bank represents a unified effort to support Africa’s long-term energy security, and Nigeria’s commitment as host nation underscores its dedication to fostering regional energy independence. With final preparations underway, Nigeria is poised to welcome the AEB, bringing the continent closer to a future where sustainable energy infrastructure is within reach for all.

  • South-South APC condemns suspension of Lokpobiri

    South-South APC condemns suspension of Lokpobiri

    The south-south zonal legal adviser of the All Progressives Congress (APC), Chukwuemeke Ogbuobodo, and other zonal officers have condemned the suspension of the Minister of State for Petroleum, Senator Heineken Lokpobiri by the party’s executive in his local government in Bayelsa State.

    He said the suspension was “borne out of envy and wickedness.”

    Ogbuobodo, in a statement on Thursday in Abuja, said the south-south zonal officers of the ruling party rejected the suspension of the minister, describing the action as illegal, null, and void.

    He said that the local government area executive cannot be a judge in its matter.

    Ogbuobodo referred the local government council party executive and “whoever that is sponsoring it, to see article 21.3 (i) (ii) (iii) (iv) (v) (vi) (a) (b) (c) (d) and (e) of the party’s Constitution and see the procedure for hearing and determination of complaints or allegations.”

    He also warned the local council executive: “That they are not above the law and not to see any other person as beneath it; “APC is not a party for supermen but a party guided by rules of law.”

    Recall that the APC in Southern Ijaw and Ekeremor local government areas in separate press briefings had last week purportedly suspended Lokpobiri and the 2019 gubernatorial candidate of the party in Bayelsa State, David Lyon.

    The Bayelsa state executive committee of the APC however backtracked on the suspension of the minister.

    But Ogbuobodo warned the persons behind the purported suspensions to be mindful that the entire executives in the state were invalidated by the decision of the Bayelsa State High Court in Suit No YHC/16/2022; “so who gave you the power to suspend the Minister?

    He said: “As a consequence, the decision by the so-called LG Executive of APC is unknown to both the party’s Constitution and the laws of the land.”

    He averred that to avoid this kind of unwholesome intervention by imposters in the affairs of the party in Bayelsa State given the current vacuum created by the judgment of the High Court of Bayelsa State in suit no. YHC/16/2022 and as a law-abiding entity, party chieftains in the south-south zone would now move swiftly to get the APC National Working Committee (NWC) to appoint a caretaker committee to help oversee the party’s activities in the state in the interim pending the election of a substantive state executive.

    Ogbuobodo commended Senator Lokpobiri for his invaluable contributions to the successes being recorded by President Bola Tinubu’s administration as Minister of State (petroleum) and urged him not to be distracted by the antics of those who do not mean well for the state.

    Read Also: Lokpobiri directs NMDPRA to investigate petrol tanker explosion in Jigawa

    He said: “To this end, we urge party members in Bayelsa State and members of the general public to disregard the purported suspension of Senator Lokpobiri by individuals who are out to confuse the Bayelsa State chapter of the party.

    “Senator Heineken Lokpobiri has demonstrated capacity as a minister and has attracted meaningful development projects to Bayelsa in particular and the South-South region in general.

    “The action of these individuals was borne out of envy and a wicked plot to destabilize APC in Bayelsa State and the South-South Zone.

    “This is why we condemn and reject the unlawful act and we urge all well-meaning party members in the county to do the same.”

  • Bayelsa APC leader Yakiah backs Lokpobiri’s suspension

    Bayelsa APC leader Yakiah backs Lokpobiri’s suspension

    A grassroots politician and leader of the All Progressives Congress in Ward 1,Yenagoa Local Government Area, Bayelsa State, Chief Izzi Yakiah, has backed the suspension of the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, from the party.

    In a statement on Saturday, Yakiah said that Friday’s suspension of Lokpobiri from the APC was a decisive step to stop politicians who have allegedly sabotaged the strength of the party during elections.

    He also urged the national Chairman of the APC, Alhaji Abdullahi Umar Ganduje, to ignore calls by some political enemies to dissolve the party’s exco in Bayelsa State.

    Read Also: APC suspends Lokpobiri, Lyon, eight others for alleged anti-party activities

    Speaking on the suspension which also extended to the party’s 2019 governorship candidate, Chief David Lyon, erstwhile party Chairman, Amos Jothan, the party stalwart insisted that the suspension was in order .

    He said the suspension followed a report of the party Disciplinary Committee set up in accordance with Article 213 of the APC Constitution 2022 as amended.

    Yakiah, who is also the Founder of a non-governmental organisation, Niger Delta Media Activists Group and Excellent Leadership Foundation (NDMAGELF), described Senator Lokpobiri’s claim concerning the party Leader’s position as an ignorant interpretation of the party’s provision that mandates a holder of the highest political office as the Leader of the party.

    He insisted that Chief Timipre Sylva being a former Governor who was elected in 2007 and served till 2012 remained the substantive Leader of the APC in Bayelsa State.

  • Purported suspension of Lokpobiri, Lyon, null and void — Ex-deputy chair, Bayelsa APC

    Purported suspension of Lokpobiri, Lyon, null and void — Ex-deputy chair, Bayelsa APC

    Former Deputy Chairman, APC Bayelsa State, Ogeibiri Orubebemi Enkumor has condemned the announcement regarding the indefinite suspension of the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, former governorship candidate of the party, Chief David Lyon along with several others, for alleged anti-party activities by the All Progressives Congress (APC) in Ekeremor and Southern Ijaw Local Government Areas.

    The former deputy chairman made this known in a statement on Friday, October 11, noting that the purported suspension is entirely null and void, and is an act borne out of sheer ignorance by the individuals behind it.

    The statement reads: “My attention has been drawn to the announcement regarding the indefinite suspension of the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, Former governorship candidate of our party, Chief David Lyon along with several others, for alleged anti-party activities by the All Progressives Congress (APC) in Ekeremor and Southern Ijaw Local Government Areas.

    “To clarify, I emphatically and unequivocally state that this purported suspension is entirely null and void, and is an act borne out of sheer ignorance by the individuals behind it.

    “For the record, the Bayelsa State chapter of the All Progressives Congress (APC) does not have an existing executive from the state level down to the ward level across the state. This situation arose due to a valid court order issued on January 20, 2023, by Judge L. T. Cocodia of the Yenagoa High Court. The order nullified the congresses of the Wards, Local Government Areas, and the State, held on September 3rd and 4th, and October 16th, 2021.

    “The court order also set aside the congresses conducted on the aforementioned dates and granted an order of perpetual injunction restraining anyone from parading themselves as executives of the party. To the best of my knowledge, this order has not been vacated by any superior court, leaving one to wonder on what basis anyone would wake up and announce the indefinite suspension of critical stakeholders and respected leaders of the party.

    Read Also: APC to Amaechi: Your inciting call is irresponsible, unpatriotic

    “In light of the above, the purported suspension constitutes a contempt of court and should be completely disregarded, as one cannot place something on nothing.

    “The Honourable Minister of State for Petroleum Resources (Oil) remains not only a bonafide member of our great party but also a well-respected leader within the party. The same can be said of Chief David Lyon as well as other chieftains listed in the suspension announced.

    “The exceptional leadership exhibited by the Honourable Minister of Petroleum Resources for State, Lokpobiri, is the reason why all well-meaning stakeholders within the party are solidly behind him. The likes of former Senator Bayelsa East, Sen. Degi Eremienyo, former member, House of Representatives, Brass/Nembe Federal Constituency, HRH. Israel Sunny-Goli and a host of others have shown unwavering support for the leadership of Minister Lokpobiri, he stated.

  • $50b investment coming in oil sector, says Lokpobiri

    $50b investment coming in oil sector, says Lokpobiri

    • Total deregulation of downstream will boost development

    The Minister of State Petroleum  (Oil), Senator Heineken Lokpobiri, said the nation is expecting $50 billion investments in the sector before the end of the year.

    He also announced “audacious” plans to increase the nation oil output to about 2.7 barrels per day.

    The minister hinted of a total deregulation of the petroleum downstream sector, saying it is the way to attract investment.

    Lokpobiri, who spoke in Abuja yesterday on the policy direction of President Bola Ahmed Tinubu, said in the last one year, the Federal Government had revolutionized the oil sector, making it very attractive to local and foreign investors.

    He said: “The ongoing reform in the oil sector is attracting investors; we have addressed their concerns; and we have regained their confidence. We are expecting about $50 billion worth of investment to come in before the end of the year, and once more investors come in, our oil production will increase.

    ‘’There are so many oil wells that were drilled and locked up; and part of my mandate is to open up those wells to boost our oil production. “

    While saluting the people of the Niger-Delta for maintaining peace in the region, the minister said the peaceful environment had also encouraged improvement of oil production.

    The minister also explained that the federal government had made substantial gains in the war against oil thief in the Niger Delta.

    Read Also: JUST IN: I didn’t direct NNPCL to stop running its refinery – Lokpobiri

    According to him, ‘’The marching order given by the President to the Armed Forces, in collaboration with my ministry, the Police, Nigerian National Petroleum Company (NNPC) Limited and other security agencies, to declare a fresh war on perpetrators of oil theft – to improve oil production and revitalise the nation’s ailing economy, is yielding good results.’’

    He explained that President Tinubu is leading in the process of developing oil sector and attracting investors to the country, stating that the success of the upstream sector is very important to the success of mainstream/downstream sector.

    The minister stated that Nigeria relies so much on crude oil production, and appealed to the media to be part of the journey to develop the sector. ‘’The President means well for Nigerians; we can trust him to do things differently’’, he said.

    On the ongoing total deregulation in oil sector, he said the country will be better for it.

    According to him, ‘’The current situation is no longer sustainable. Even if the federal government is willing to continue with it, we don’t have the money to do it. The NNPCL cannot be importing fuel and be selling at half price.

    ‘’The government needs fund to develop infrastructure and better the lives of Nigerians. The money for the subsidy will be deploy to other things like public infrastructure, education, health care and jobs creation.’’

    Lokpobiri explained further that total deregulation of oil sector was also expected to allow for more private-sector operators in the sector, saying that when the products are available, the price would find its level.