President Bola Tinubu has directed all holders of dormant oil assets across the country to immediately reactivate them to ramp up dwindling crude oil production and crude oil revenue. The directive was conveyed to oil and gas operators by the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, on Tuesday, at the ongoing 2025 Nigeria Oil and Gas Energy Week in Abuja.
According to the minister, reactivation of the oil assets towards productivity will not only lead to growth in the oil sector but also sustain investments in capacity building. He said the government was determined to maximise oil production by ensuring that only serious investors retain access to Nigeria’s hydrocarbon resources. The Federal Government had set a crude oil production target of 2.1 million barrels per day, and roughly N84.67 trillion crude oil revenue in its 2025 budget. This is based on an oil price of $75 per barrel.
However, the country has been struggling with its oil production, with output hovering around 1.4 million barrels per day. Crude oil and condensate production climbed to 1.63 million barrels per day in May from 1.61mbpd in April. “To sustain growth in our oil industry, we must first sustain our investment in capacity building. The recent wave of asset divestments and the subsequent increase in production volumes underscore a critical truth: we have the indigenous capacity to grow this industry.
“I emphasised this point while declaring open the #NOGEnergyWeek, where I posed a central question to operators: What is the solution to ramping up production? “This is not just a rhetorical challenge, it is a call to action, one that speaks to our collective responsibility in meeting both domestic energy needs and international commitments. “In my address, I urged all operators to ensure every asset under them is active and productive. This is not a suggestion but a directive from President Bola Ahmed Tinubu, and it must be treated with the urgency and gravity it deserves,” Lokpobiri said.
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