The Federal Government plans to double Nigeria’s oil and gas reserves through increased exploration activities, particularly in deepwater fields and other underexplored basins, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said.
Lokpobiri said Nigeria has significant untapped hydrocarbon potential, noting that sustained investment in exploration is critical to discovering new reserves and sustaining the country’s oil and gas production in the years ahead.
He spoke on Monday at the opening of the 44th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists in Lagos, where he called on oil and gas operators to step up drilling activities, build indigenous technical capacity and increase investment in exploration.
Lokpobiri said Nigeria could substantially grow its oil and gas reserves through targeted exploration programmes, particularly in deepwater fields, which he said hold significant untapped potential.
He cautioned that Nigeria could not rely indefinitely on oil discoveries made decades ago to sustain future production, noting that exploration activities had declined over the years before the current administration introduced measures to revitalise upstream operations.
The minister said the number of active drilling rigs had risen from about 10 when he assumed office in August 2023 to more than 50 currently. He added that oil production, including condensates, had increased from approximately one million barrels per day to more than 1.8 million barrels daily.
“When we came into office, active rigs were about 10. Today, from what I heard, active rigs in the country are over 50. They are drilling. There are continuous drilling campaigns going on by different operators in the industry. If you don’t drill today, there will be nothing to unlock tomorrow,” he stated.
The minister said the rise in drilling activities was laying the groundwork for future production, stressing that exploration efforts undertaken today would determine Nigeria’s capacity to sustain its oil and gas output in the years ahead.
“The foundation we are laying is to ensure that we take steps towards achieving sustainable production of oil and gas in the country,” he said.
Lokpobiri also urged increased investment in frontier exploration, noting that the Petroleum Industry Act had established a dedicated fund to support such activities.
He expressed optimism that sustained exploration efforts would significantly increase Nigeria’s oil and gas reserves and unlock additional hydrocarbon resources.
He said, “We need to do a lot of frontier exploration. That is why the PIA itself has set aside a fund for frontier exploration. If we do that, I believe that in the next few years, we will come back here with profound results. I believe our reserves, in my opinion, should more than double. Our deepwater space has a lot more potential than what you and I can imagine.”
However, Lokpobiri warned that large oil reserves did not automatically translate into economic prosperity, citing Venezuela, which holds more than 300 billion barrels of oil reserves, as an example of how abundant natural resources do not necessarily guarantee wealth.
