Abuja, Nigeria – The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has issued a stern warning over what he describes as the frequent and unnecessary summons of International Oil Companies (IOCs) by Nigeria’s National Assembly, cautioning that such actions risk scaring off investors and destabilising the economy.
Speaking at the opening session of the Nigeria Oil and Gas (NOG) Conference and Exhibition 2025 in Abuja, Lokpobiri expressed deep concern over the implications of parliamentary summons—particularly those related to decades-old procurement issues—without prior engagement with the Ministry of Petroleum Resources.
“I was a Senator 18 years ago. I was the youngest Senator during my time and served on several committees, including upstream and downstream. We knew the consequences of some of these actions,” the minister remarked.
According to him, the National Assembly’s habit of summoning IOCs without ministry consultation sends damaging signals to global oil markets and to the companies’ international headquarters, where such summons carry significant reputational and legal implications.
“It is not even a summons by the Committee on Oil and Gas, but by the Committee on Procurement, over procurement issues that happened 18 years ago. What is your business with an IOC over procurement matters from 18 to 20 years ago?” he asked.
Lokpobiri stressed that oil remains Nigeria’s economic backbone, contributing more than 80% of the country’s export earnings. He called on lawmakers to exercise caution and work collaboratively with the ministry to protect Nigeria’s economic interests.
“Nigeria still depends on this industry for survival. Whatever happens, the ministry should be contacted for clarification instead of rushing to summon IOCs,” he said.
Call to Boost Oil Production
The minister also addressed the state of Nigeria’s current crude oil production, revealing that the country is producing approximately 1.745 million barrels per day, including condensates. He emphasised the urgent need to scale up production to meet both domestic and international energy demands.
“The question is, what is the solution to ramp up production?” he asked. “We still want to be strategic and important members of the global energy community, but we have no choice but to ramp up our production.”
Lokpobiri reiterated that increasing production is vital for generating revenue needed to fund critical government programs and infrastructure.
“We need to find a solution, that is the only way we will meet both domestic and international demand,” he concluded.
Industry Concerns
His remarks reflect growing concern within the oil and gas sector over regulatory instability, bureaucratic overreach, and inconsistent policy messaging—factors that have long hindered Nigeria’s ability to attract long-term investment in its upstream sector.
As the NOG 2025 conference continues, stakeholders will be watching closely to see how the government reconciles its dual objectives of accountability and economic competitiveness in a rapidly evolving global energy landscape.