Nigeria has increased its daily crude oil output to between 1.7 million and 1.83 million barrels, while the number of active drilling rigs has risen from 31 in January to 50 by July, as reforms under President Bola Tinubu begin to unlock investment in the petroleum sector, Reuters reported.
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources, shared these figures during a keynote address at the Africa Energy Week in Cape Town, delivered on behalf of the president.
The minister added that recent asset divestments by international oil companies had led to over $5.5 billion in final investment decisions, contributing an additional 200,000 barrels per day to national output.
He highlighted the ‘Project One Million Barrels’ initiative, launched in October 2024, which has been pivotal in driving recovery in the upstream sector.
‘What distinguishes Nigeria now is the legal, regulatory, financial, and structural transformation we are implementing,’ he remarked.
‘These are not mere asset transfers; they represent transfers of confidence, capability, and ownership’.
Senator Lokpobiri declared Nigeria ‘open for business,’ emphasising that the Petroleum Industry Act has been instrumental in creating a transparent and predictable environment for investors.
