Nigeria has raised daily crude oil production to between 1.7 million and 1.83 million barrels, while increasing active drilling rigs from 31 in January to 50 by July, as reforms under President Bola Tinubu continue to attract new investment into the petroleum sector.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, revealed the figures in a keynote address at Africa Energy Week in Cape Town, delivered on behalf of the president.
He credited the gains to the “Project One Million Barrels” initiative, launched in October 2024, which has been driving recovery in the upstream sector. Lokpobiri also reaffirmed Nigeria’s readiness for investment, pointing to the Petroleum Industry Act (PIA) as a landmark reform creating a transparent and predictable business environment.
“What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering,” he said.
The minister added that recent asset divestments by international oil companies have unlocked more than $5.5 billion in final investment decisions, boosting production by about 200,000 barrels per day.
“These are not just transfers of assets, they are transfers of confidence, capability, and ownership,” he stressed.
Source:Africa Publicity
