Lokpobiri: IOCs’ divestments have added 200,000bpd to Nigeria’s crude output

Heineken Lokpobiri, minister of state for petroleum resources (oil), says recent divestments by international oil companies (IOCs) have added about 200,000 barrels per day (bpd) to Nigeria’s crude production.

Heineken spoke in Cape Town, South Africa, while delivering a keynote address on behalf of President Bola Tinubu at the Africa Energy Week, according to a statement on Thursday.

The minister said the recent IOCs’ asset divestments have also unlocked over $5.5 billion in final FIDs within months.

“These are not just transfers of assets, they are transfers of confidence, capability, and ownership,” he said.

The minister said Nigeria is “open for business” and actively pursuing policies that prioritise investment, efficiency, and long-term growth in the oil sector.

“This gathering is more than a conference, it is a call to action,” Lokpobiri said.

The minister stressed that Nigeria is ready to participate in the global energy market and lead reform and growth on the African continent.

Lokpobiri outlined the policy measures implemented under Tinubu’s administration, particularly the Petroleum Industry Act (PIA), which “provides a clear and predictable fiscal and regulatory environment for investors”.

“What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering,” the minister said.

Lokpobiri further urged the continent to retain more value from its hydrocarbon resources by focusing on infrastructure, industrial development, and localised value chains.

He said Africa spends over $120 billion annually on hydrocarbons, largely through imports, describing the spending as “a missed opportunity for economic transformation”.

The minister advocated for stronger intra-African collaboration and financing, emphasising that Africa holds nearly $4 trillion in domestic capital, including pension and insurance funds.

“The question is no longer about the availability of funds, but how we can channel them into productive investments on our continent,” he said.

Addressing the topic of the global energy conversation, Lokpobiri called for balance and equity.

He said the narrative must shift toward a diverse energy mix — not abandonment of any resource.

“The focus should be on availability, accessibility, and affordability of all forms of energy,” the minister said.

He said Nigeria, like other nations, will continue to utilise its oil resources responsibly “while building a diversified and sustainable energy base”.

Lokpobiri reaffirmed Nigeria’s role as a leading energy player in Africa.

“We are offering opportunities at scale, reform with consistency, incentives with clarity, local participation with respect, and a vision that modernizes with purpose,” he said.

Lokpobiri extended a direct invitation to global investors to “come to Nigeria” and “be part of the energy revolution”.