Nigeria’s Oil Sector Attracts $16.6 Billion Investments Under Tinubu Administration – Minister

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, announced on Monday that Nigeria’s oil and gas sector had attracted approximately $16.6 billion in investments within the past year under President Bola Tinubu’s administration, which commenced on May 29, 2023.

Lokpobiri made this revelation in Abuja while providing updates on the achievements in the oil sector during Tinubu’s tenure. He highlighted the efforts to create an enabling environment for investments to thrive, emphasizing that the passage of the Petroleum Industry Act and consistent policies had helped restore investor confidence.

The minister cited examples of significant investments, including $5 billion and $10 billion commitments in deepwater offshore assets, as well as a $1.6 billion investment in oil and gas asset acquisition. He noted the high global interest in Nigeria’s ongoing bid round of assets, following successful roadshow activities in the United States and Europe.

Lokpobiri also highlighted the increase in crude oil production since Tinubu took office, stating that production had risen from approximately 1.1 million barrels per day to 1.7 million barrels per day, including condensates. He attributed this increase to efforts in streamlining operations, resolving conflicts among stakeholders, revamping redundant oil assets, and engaging with international oil companies and Independent Petroleum Producers Group members.

Additionally, the minister outlined steps taken to enhance security, reduce oil theft, and optimize production from existing assets. He mentioned the successful commencement of operations at OMLs 13 and 85, with expected production capacities of 20,000 and 40,000 barrels per day, respectively.

Lokpobiri’s remarks came as part of the directives from President Tinubu for ministers to present their performance reports to Nigerians in commemoration of his first anniversary in office. The low-key celebration includes sectoral media briefings by federal ministers, aiming to showcase the achievements and progress made under the current administration.