The Federal Government has unveiled plans to boost the nation’s economy by escalating crude oil production, aiming to achieve an output of 2.5 million barrels per day (mbpd) by the end of the year.
This follows the country’s recent recovery, with the Nigeria National Petroleum Company (NNPC) reaching 1.8 million barrels per day, which it described as a boost to the nation’s energy.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, announced this at the inaugural Petroleum Industry Leadership Dialogue hosted by Heirs Energies, Africa’s fastest-growing indigenous integrated energy company, at the Transcorp Hilton Abuja.
Lokpobiri, who expressed gratitude to Heirs Energies, for providing the platform for meaningful industry engagement, reaffirmed the President Bola Tinubu administration’s “drill or drop” policy to accelerate production growth.
The Founder of Heirs Holdings and Heirs Energies, Tony Elumelu, paid tribute to the government’s role in reinvigorating the sector. Elumelu outlined the group’s vision of transforming Africa’s energy landscape through indigenous leadership and sustainable development adding the company has rapidly grown its production from 21,000 to over 50,000 barrels per day of hydrocarbon in just four years.
Meanwhile, the Heirs Energies CEO, Osa Igiehon, highlighted the company’s success in Nigeria’s onshore sector, citing its Brownfield Excellence Strategy and robust security measures.
Our success at Heirs Energies demonstrates what’s possible in Nigeria’s onshore sector, through our Brownfield Excellence Strategy, robust security measures, and genuine community partnership, by tripling our producing wells to over 100, we’ve shown how indigenous operators can efficiently unlock value while ensuring sustainable development of host communities,” he added.
Speaking further, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Gbenga Komolafe emphasized the dialogue’s significance in advancing the sector’s objectives while commending the Heir’s energies for putting the dialogue together as it stands as a commitment to achieving a national objective in the upstream sector.
Komolafe also noted that the number of active drilling rigs has surged to 38, with projections indicating it will reach 50 by March 2025.
Also present during the ceremony, the Organization of the Petroleum Exporting Countries (OPEC) Board of Governors Chairman, Ademola Adeyemi-Bero, praised the forum’s timing, saying it’s well-timed for growing production, citing his company’s achievement of producing 57,000 barrels per day.
The Petroleum Industry Leadership Dialogue brought together key stakeholders in the oil and gas industry.
With a new administration and ambitious targets for production critical for Nigeria’s economic growth, the Dialogue provided a timely venue for private and public sectors to continue their successful interaction.
Speakers highlighted how Presidential Executive Orders had reshaped the operating environment and catalyzed industry growth. Indigenous oil and gas companies now account for over 60% of Nigeria’s crude output, marking a significant milestone in the country’s natural resources history.
