The Federal Government has issued a bold ultimatum to oil and gas operators in Nigeria: deliver measurable results or relinquish control of national assets.
This was as Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), declared open the 2025 edition of the Nigerian Oil and Gas (NOG) Week in Abuja.
Speaking under the event’s theme, “Accelerating Energy Progress Through Investment, Global Partnerships and Innovation,” Lokpobiri called for urgent and coordinated action to reverse the downward trend in national oil production, stressing that the era of excuses and underperformance is over.
“It is no longer acceptable for critical national resources to remain in the hands of companies that lack the technical or financial capacity to optimize them.
“The era of dormant fields and underperforming assets must give way to action”, Lokpobiri warned.
The minister revealed that President Bola Tinubu has directed the board of the Nigerian National Petroleum Company Limited (NNPC Ltd) to review all existing operatorship arrangements to ensure they align with national development goals.
He said partnerships and agreements, including Joint Ventures and Financial/Technical Services Agreements (FTSAs), must not become tools to hold the sector hostage.
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“If you cannot act in the nation’s best interest, then it’s time to step aside or step up through meaningful partnerships,” he declared, urging companies to re-enter shut-in wells and turn dormant licenses into productive assets.
Lokpobiri expressed deep concern that despite the passage of the Petroleum Industry Act (PIA) and the implementation of numerous investment incentives and executive orders, production has not improved.
“Last year, we stood here and spoke passionately about increasing production. Yet today, we find ourselves asking: what has truly changed?” he asked.
“We are not just chasing barrels. We are building an economy. The government has done a lot, and is willing to do more, but the results must now speak for themselves”, he said.
He added that prior to the PIA’s enactment, a single company’s production volume exceeded the combined national output today, a situation he said is unacceptable.
In a message directed at Engineering, Procurement, and Construction (EPC) companies, Lokpobiri announced a policy shift to restore the original intent of the Nigerian Content Act.
He said the government would no longer tolerate the practice of “briefcase contractors” winning contracts and subletting them to more competent firms.
“We are returning to the true tenets of the Act, where small and large companies can operate side-by-side. So don’t just exhibit at this conference, make plans to return and reinvest in Nigeria,” he urged.
The minister emphasized the importance of international collaboration, saying Nigeria would continue to deepen its engagement with regional and global energy institutions such as the African Petroleum Producers’ Organization (APPO), the International Energy Charter (IEC), and OPEC.
He also confirmed that the establishment of the African Energy Bank is progressing steadily, with Nigeria having fulfilled all legal obligations as the host country.
“Africa is not asleep. We are determined to take our place in the global energy financing space,” he said, revealing that the recruitment process for the Bank’s President has been concluded and the first shareholders’ meeting is on the horizon.
Lokpobiri further noted that the NOG Week is more than just another industry event, it is a mirror, compass, and map for Nigeria’s energy future.
“Let us move forward with renewed confidence, clear strategy, and an unwavering commitment to national development. We have the resources. We have the talent. And now, we are building the right environment”, he said.
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