Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), revealed on Monday that the country’s oil and gas industry had received approximately $16.6 billion in investments over the previous 12 months.

He gave updates while speaking in Abuja on the oil industry’s accomplishments since President Bola Tinubu took office on May 29, 2023.

Additionally, in a previous meeting with Olivier Le Peuch, the CEO of Schlumberger Limited, Lokpobiri disclosed that the Federal Government was about to finalize a $20 billion agreement to increase Nigeria’s oil and gas production.

The minister stated, “One of our main objectives has been to create an environment where investments can thrive,” when discussing the steps being taken to draw in investments. The absence of the Petroleum Industry Act and erratic policies had discouraged investment for more than ten years.

“Today, I am pleased to announce that our efforts have rekindled investor confidence in the sector. Notable examples include investments committed to the tune of $5bn and $10bn in deepwater offshore assets; and a $1.6bn investment commitment in oil and gas asset acquisition.

The very high global interest is noted in the ongoing bid round of assets coming online, arising from the recent roadshow activities in the United States and Europe.”

Additionally, Lokpobiri noted that since Tinubu took office, Nigeria has seen a rise in the output of crude oil.

“Our foremost achievement is the significant increase in production. When we took office, production was at approximately 1.1 million barrels per day, including condensates.

“Today, I am proud to report that we have increased our production to approximately 1.7 million barrels per day (inclusive of condensate). This increase is a testament to our relentless efforts to streamline operations and resolve conflict among stakeholders,” the oil minister stated.

Among the actions done to boost the output of crude oil, Lokpobiri mentioned that attempts were made to bring idle oil assets back into service.

To resolve industry conflicts and increase output, he added that ongoing conversations were being held with members of the Independent Petroleum Producers Group and multinational oil firms.

Lokpobiri added, “Resolutions of internal joint venture contracts feud between joint venture partners on critical production fields. Engaging local communities with critical assets running through them to protect the assets, all in a bid to decrease oil theft across the country.

“Consolidating existing security framework with private security firms and government security agencies for pipeline surveillance, which led to a sharp decline in crude oil theft and thus increased production for export.”