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Nigerian Govt Approves 28 New Oil Fields Plans Worth $18.2bn

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Nigeria approved 28 new Field Development Plans (FDPs) valued at N18.2 billion dollars, with an estimated reserve potential of 1.4 billion barrels in 2025 alone, the Federal Government has said.

It said between 2024 and 2025, four of the seven major Final Investment Decisions (FIDs) announced across Africa were in Nigeria, a development attributed to policy clarity, consistent governance, and deliberate leadership.

Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), disclosed this on Tuesday at the official opening of the 2026 Nigeria International Energy Summit (NIES) by President Bola Tinubu at the Presidential Banquet Hall, Aso Villa, Abuja.

Tinubu was represented by the Vice-President, Sen. Kashim Shettima.

Speaking at the event, Lokpobiri said the transformation of the sector under Tinubu’s administration marked a decisive break from years of declining production, stalled investments, and capital flight.

Lokpobiri said it repositioned the petroleum sector as a globally competitive, investment-ready destination following far-reaching reforms that have revived production, restored investor confidence, and unlocked billions of dollars in new investment.

“Our investment climate in Nigeria allows for free movement of capital. In line with Global best practice, companies can invest and divest at will.

“We recently enabled International Oil Companies (IOCs) to transfer onshore and shallow water assets to capable Nigerian companies. From Shell to Renaissance, ExxonMobil to Seplat, Eni to Oando.

“These are not just transfers of assets; they are transfers of confidence, capability, and ownership, which have resulted in an additional 200,000 barrels of oil per day (bpd).

“These divestments were stalled for several years, but with the leadership of President Bola Tinubu, we were able to advance them and conclude them in record time, leading to the gains made by their new operators for the benefit of all,” he said.

On the downstream segment, he said the removal of fuel subsidies had stabilised the market and improved product availability, while commending indigenous investors such as Dangote and BUA for expanding refining and midstream infrastructure.

He disclosed that licensing processes in the sector had been liberalised to ensure transparency and fairness, while Nigeria’s newly launched West African Reference Market was designed to position the country as the refining hub for the Gulf of Guinea and the wider African region.

On the continental outlook, Lokpobiri said Africa spent over $ 120 billion annually on hydrocarbon imports, describing the figure as a significant drain on the continent’s economy.

He called for greater support for the African Energy Bank (AEB), headquartered in Nigeria, to mobilise capital for Africa-focused energy development.

He said Africa’s energy strategy must prioritise availability, accessibility, and affordability, adding that global energy outlooks from the International Energy Agency (IEA) and OPEC confirm that fossil fuels will remain dominant in the foreseeable future.

“The story of Nigeria’s petroleum sector is being rewritten,” Lokpobiri said, urging global investors to partner with Nigeria not just as financiers, but as long-term collaborators in driving Africa’s energy-led growth.

“The full implementation of the Petroleum Industry Act (PIA) has provided a stable fiscal framework, improved licensing processes, strengthened regulation, protected host communities, and ensured predictable contractual terms,” he said.

He added that the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025 has further enhanced competitiveness by reducing production costs through targeted tax credits.

Lokpobiri highlighted the success of Project One Million Barrels, inaugurated in October 2024, which has increased national crude oil production to between 1.7 and 1.83 million bpd, representing an incremental rise of about 300,000 bpd within a year.

He also disclosed that the number of active drilling rigs had risen sharply from 14 in 2023 to over 60, signalling renewed industry activity.

The minister said international investor confidence had returned, citing major FIDs including Shell’s $5 billion Bonga North project, TotalEnergies’ $ 550 million Ubeta project, Shell’s $2 billion HI project, and Chevron’s $ 1.8 billion investment in the Panther project.

He further revealed that Shell had announced plans for a 20 billion dollar FID, with additional projects expected in the near term.

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POLITICS: Wike-led PDP Faction Takes Over Party Secretariat In Oyo

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Members of Peoples Democratic Party, PDP, loyal to the Minister of Federal Capital Territory, FCT, Nyesom Wike, have taken over the secretariat of the party in Oyo State.

The secretariat, located in the Molete area of Ibadan, was in the custody of the faction loyal to Governor Seyi Makinde of the state until Thursday when the members loyal to Wike took over the premises.

DAILY POST gathered that the PDP members stormed the secretariat on Thursday and occupied the premises with hundreds of members of the party in attendance.

PDP chairman in the state, Professor Abdulrahman Akinoso, confirmed the development to DAILY POST.

Akinoso in a telephone conversation with DAILY POST on Thursday, insisted that the real owners have taken over the premises.

He said, “It is true. It is not faction. It is PDP. We have taken over the premises. It was in the morning. We were there in the morning. We just left the premises. We are now in control. We have taken over the premises.” .…For more, Complete your reading.

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POLITICS: Foreign Recognition Won’t Secure Re-election – ADC Tells Tinubu

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The African Democratic Congress (ADC) has told President Bola Tinubu that foreign recognition will not secure him another term in office, insisting that Nigerians will judge his administration by its performance, not by diplomatic gestures from other world leaders.

In a statement issued on Thursday by its National Publicity Secretary, Bolaji Abdullahi, the opposition party reacted to the Presidency’s celebration of a purported letter from United States President Donald Trump to Tinubu.

The ADC said presenting the letter as an endorsement of Tinubu’s administration was misleading, stressing that diplomatic correspondence between world leaders is a normal part of international relations.

“The Presidency’s attempt to present President Donald Trump’s letter to President Bola Ahmed Tinubu as though it were a referendum on the state of the nation is not correct,” the party said.

According to the ADC, countries cooperate, leaders exchange views and letters regularly, adding that such communication does not amount to an endorsement of a government’s performance.

The party accused the Tinubu administration of being desperate for international validation instead of focusing on solving Nigeria’s challenges.

“It is apparent that this administration is desperate to seize upon any gesture of international recognition as proof of success at home,” the statement said.

The ADC maintained that “a letter from a foreign president, however well-intentioned, cannot substitute for the verdict of the Nigerian people.”

It added that the true measure of any government is not what foreign leaders say about it, but what citizens experience daily.

The opposition party argued that Trump’s letter had not changed the reality facing millions of Nigerians, especially those affected by insecurity.

“For the millions of Nigerians still living with the consequences of this government’s failures, President Trump’s communication changes nothing. It did not say that insecurity has been overcome or that Nigerians can once again travel freely, farm safely and sleep without fear,” the party stated.

The ADC also pointed to the continued captivity of hundreds of women and children in parts of Borno State and Kaiama in Kwara State, while many communities in Benue and other parts of the country still live in constant fear because of insecurity.

The party further noted that, despite the Presidency’s celebration of the letter, the United States Department of State has not changed its travel advisory for Nigeria.

According to the ADC, several Nigerian states remain under Level 3 and Level 4 travel advisories, with American citizens still being urged to reconsider or avoid travel because of crime, terrorism, kidnapping and civil unrest.

“We therefore wonder how correspondence from a government that designates several Nigerian states as ‘Do Not Travel’ areas can be regarded as an endorsement,” the party said.

It argued that the travel advisory shows the international assessment of Nigeria’s security situation remains different from the image the Presidency is trying to project.

The ADC said Nigerians are more concerned about their safety than diplomatic exchanges between presidents.

“The daily reality of Nigerians is shaped not by diplomatic correspondence, but by the guarantee that they can go about their lives without falling victim to violent crime or terrorism,” it said.

The party stressed that Trump’s letter was simply communication between two presidents and “does not amount to an endorsement of this government’s overall performance.”

It urged the Tinubu administration to focus less on celebrating diplomatic courtesies and more on delivering measurable improvements in the lives of Nigerians.

“Ultimately, Nigerians will not judge this government by the letters it receives from foreign capitals. They will judge it by whether .…For more, Complete your reading.

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