The Federal Government has directed oil companies operating in the country to accelerate project approvals and boost field development as part of an urgent push to raise Nigeria’s crude oil production to three million barrels per day.
The Minister of State for Petroleum Resources Oil, Senator Heineken Lokpobiri, gave the directive on Tuesday during his ministerial address at the 2025 Practical Nigerian Content Forum held in Yenagoa, Bayelsa State.
Speaking at the 14th edition of the forum themed Industry Stakeholders to Advance Nigerian Content Implementation, Lokpobiri said Nigeria must take advantage of the renewed global acceptance of hydrocarbons to strengthen its economy and retain relevance in the international energy market.
He said the Federal Government had made significant progress in improving the policy and regulatory environment, noting that enhanced collaboration among the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Nigerian Content Development and Monitoring Board was helping to restore investor confidence.
The minister stressed that while government had done its part by creating a stable operating framework, oil firms must now demonstrate seriousness through concrete project execution.
He said engineering and procurement contractors would not mobilise based on promises alone, adding that without approved field development plans, credible drilling schedules and firm capital commitments, contractors would remain unwilling to commit resources.
Lokpobiri also welcomed the ongoing 2025 licensing round in which 50 oil blocks are being offered but cautioned that participation must be limited to technically and financially capable firms. He warned that the era of acquiring oil licences and leaving them unused like souvenirs had ended.
According to him, the government is actively tackling security challenges, speeding up regulatory approvals, reviving stalled projects and investing in evacuation infrastructure to support production growth.
He said every additional barrel of oil produced strengthens the economy, increases foreign exchange earnings and creates employment opportunities.
On local content development, the minister disclosed that Nigerian participation in the oil and gas industry had risen to 61 percent, driven by stricter compliance, improved monitoring and better funding support for service companies.
He urged operators, EPC contractors, host communities and financial institutions to move from dialogue to concrete commitment in order to achieve the nation’s energy and economic targets.
