• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Sunday, June 22, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Lack of drilling investors cause decrease in crude oil production

Oil

The Matters Press by The Matters Press
July 3, 2024
Reading Time: 2 mins read
0
Chevron, NNPC secure $1.4bn for drilling project

Mr Heineken Lokpobiri, Minister of State, Petroleum Resources (Oil), has called for more investments in the oil and gas industry to ramp up production and boost foreign exchange earnings.

RELATED POSTS

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

ECOWAS, Sahel states in deal to confront terrorism

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

Lokpobiri made the call on Tuesday at the Nigerian Oil and Gas (NOG) Energy Week currently holding in Abuja.

The country has over 37.5 billion barrels of proven crude oil reserves and 209 trillion cubic feet (tcf) and 600 tcf of proven and contingent gas reserves respectively.

The Independent Petroleum Producers Group (IPPG) says Nigeria finds itself in a situation where its daily production has significantly dropped to about 1.3 million barrels of oil and 8.5 bcf of gas.

Lokpobiri, in an opening address blamed the development on lack of drilling investments in the sector, disclosed that efforts were ongoing to change the narrative by attracting more investments into the sector.

“We have been working hard to ramp up production. The overall objective is to increase production.

“It is when we ramp up production that we will be able to get the required forex inflow into the country, get money to fund budget, and satisfy energy demand.

“But you can only increase production by way of increasing investments,” Lokpobiri said.

Mr Ekperikpe Ekpo, Minister of State, Petroleum Resources (Gas), in an address, said the Ministry had been instrumental in implementing reforms that made Nigeria an attractive destination for investors.

He said the Petroleum Industry Act (PIA) 2021 and the recent Presidential Directive for Oil and Gas Companies on Tax Incentives, Exemption, Remission, among others by President Bola Tinubu, created a conducive environment for investment.

“The regulatory frameworks now in place incentivise investment, streamline bureaucratic processes, and provide clarity on fiscal terms”, he noted.

Earlier, the Chairman, IPPG, Mr Abdulrazaq Isa, had sought for measures by all relevant stakeholders to address the dwindling production level and under-investment in the oil and gas industry.

He said that in spite of the nation’s world hydrocarbon resource base, with over 37 billion barrels of proven crude oil reserves and 207 tcf and 600 tcf of proven and contingent gas reserves respectively, daily production had dwindled.

He expressed worry that daily production had significantly dropped and stood at about 1.3 million barrels of oil and 8.5 bcf of gas today.

“This is way below our capacity as a nation and by all globally acceptable standards, this reserves to production ratio is extremely low and a clear indicator that the industry is in a dire situation,”.

Tags: Oil
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Tinubu denies manipulating NASS
Economy/Technology

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

June 20, 2025
Buhari urges Nigerians to maintain peace as he promises free, fair polls
Economy/Technology

TDF extols Buhari for supporting Tinubu’s reforms

June 19, 2025
Nigerians to own brand new vehicles, goods through new credit scheme initiative
News

Tinubu’s mid-term scorecard, a glimpse of coming dividends – TMSG

June 19, 2025
Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF
Energy

Fubara shames antagonists of emergency rule, vindicates Tinubu – TDF

June 16, 2025
Next Post
Nigeria’s executive order on  pharmaceutical, a reflection of Tinubu’s visionary leadership

Nigeria's executive order on pharmaceutical, a reflection of Tinubu's visionary leadership

Group hails Presidential Council initiative, welcomes President Tinubu’s N2tn stabilisation package

Group hails Presidential Council initiative, welcomes President Tinubu's N2tn stabilisation package

Recommended Stories

Dangote refinery will contribute to Nigeria’s economy growth

Dangote Petroleum Refinery begins production of diesel, aviation fuel

January 13, 2024
Low trade among African countries a worrying signal

Chamber to partner with entrepreneurs to promote businesses

June 19, 2023
Closing in on new minimum wage

Closing in on new minimum wage

January 8, 2019

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years
  • ECOWAS, Sahel states in deal to confront terrorism
  • Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us