Nigeria’s Crude Oil Output Hits 1.7 Million Barrels Daily, Targets 2 Million by End of 2025 — FG
written by Springnewsng, July 2, 2025):
Abuja, Nigeria — The Federal Government has announced that Nigeria’s crude oil production now stands at approximately 1.745 million barrels per day (bpd), with plans underway to increase output to 2 million bpd by the end of 2025.
This was disclosed by Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), during the official opening of the 2025 Nigeria Oil and Gas (NOG) Energy Week on Tuesday in Abuja.
Lokpobiri explained that the production benchmark in the 2025 national budget is pegged at 2.06 million bpd, emphasizing the need for collaborative efforts to boost production levels.
“We can only achieve our target if we work together. I urge NNPC Ltd. to raise its production target beyond two million barrels per day by year-end,” the minister said.
He also highlighted that when he assumed office in 2023, the country faced a decade-long drought in oil sector investments due to an uncertain legal framework and structural challenges.
However, he noted that policy reforms and improved investor confidence since 2023 have helped reposition the sector, resulting in renewed investments.
Lokpobiri appealed to the National Assembly to reduce the frequency of legislative summons issued to International Oil Companies (IOCs) and industry stakeholders, citing that such actions can discourage investment.
“I served in the Senate and understand the consequences of excessive legislative interference. Summons over outdated procurement issues do more harm than good,” he added.
Meanwhile, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria holds over 200 trillion cubic feet of proven natural gas reserves.
He stressed the importance of fully harnessing gas resources to drive economic development through the “Decade of Gas” initiative.
“We aim to maximize Nigeria’s gas wealth by increasing LPG usage, boosting power generation, expanding gas-for-transport, and enhancing export capacity,” Ekpo stated.
As part of regional energy development, Lokpobiri disclosed that the African Energy Bank is progressing, with plans for a shareholders’ meeting led by Afreximbank in the coming days.
The 2025 NOG Energy Week Conference and Exhibition is themed:
“Accelerating Global Energy Progress through Investment, Partnerships, and Innovation.”
Source: Springnewsng / NAN
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