FG calls for major increase in NNPC Ltd oil output by year-end

The Federal Government has tasked the Nigerian National Petroleum Company Limited (NNPCL) with significantly increasing crude oil production to 2.5 million barrels per day (bpd) before the end of the year.

This directive was disclosed by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during an interview with journalists at the Africa Energy Forum (AEF) held on Wednesday in Houston, Texas, United States.

Lokpobiri explained that while President Bola Tinubu had initially set a production target of 2 million bpd, the benchmark has now been raised to 2.5 million bpd to meet the country’s economic and developmental goals.

“The Federal Government has instructed NNPCL to raise production levels beyond the current output by year-end,” Lokpobiri said.

“We believe this goal is within reach. Nigeria had previously achieved this production volume during the COVID-19 period, even with limited investment. With the right commitment and policies in place, it can be done again.”

The Minister drew attention to the “Drill or Drop” provision embedded in the Petroleum Industry Act (PIA), which mandates the continuous renewal of the country’s oil reserves through drilling, guided by geological and seismic surveys. He described this approach as central to ensuring long-term sustainability in the oil sector.

He also appealed to international investors to seize the opportunities presented by Nigeria’s reformed petroleum landscape, pointing to the country’s more transparent regulatory framework and attractive fiscal policies. According to Lokpobiri, Nigeria remains a prime location for energy-related investments.

“The regulatory clarity and competitive terms we now offer make Nigeria one of the most attractive destinations globally for investment in the oil and gas sector,” he said