NAPE: Lokpobiri, Ekpo, Sanwo-Olu Push for Greater Value from Oil, Gas
The trio made the call on Monday in Lagos at the 44th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE), themed, “Unlocking More Barrels: Driving Reserves Growth Through Exploration, Local Capabilities, and Adaptive Technology”.
Lokpobiri said Nigeria had recorded significant progress in oil production, rising from about one million barrels per day in 2023 to more than 1.8 million barrels per day, including condensates.
He, however, stressed that the country must sustain exploration and drilling activities to secure future production, noting that more than 60 drilling campaigns were ongoing across different operators.
“We are not where we want to be. But so much activity is happening today that will unlock more barrels tomorrow,” Lokpobiri said.
“The records as of today show that we are doing over 1.8 million barrels per day.”
According to him, the government is laying the foundation for sustainable oil and gas production, adding that the country’s reserves would have little economic value unless they were developed and brought to market.
Lokpobiri said 85 per cent of Nigeria’s foreign reserves, currently estimated at $56bn, came from the oil and gas sector, highlighting the industry’s contribution to the economy.
He also disclosed that discussions with potential investors had produced investment commitments of $15bn and $6bn from two groups interested in Nigeria’s petroleum sector.
The minister said the government was working to connect the investors with Nigerian oil and gas companies, while also exploring opportunities for partnerships through the African Energy Bank, which is headquartered in Abuja.
He further called for greater investment in local technical capacity, including the establishment of a NAPE academy and stronger support for universities to equip graduates with practical industry skills.
Lokpobiri also urged increased frontier exploration, particularly in deepwater areas, saying Nigeria had the potential to significantly expand its oil and gas reserves.
Similarly, Ekpo emphasised the need to translate Nigeria’s natural gas resources into sustainable production, industrial development, employment and economic prosperity.
He said the country’s gas reserves stood at 215 trillion cubic feet as of January 1, 2026, representing a 2.1 per cent increase.
Represented by Elisha Benjamin D, Director of the Gas Department at the Federal Ministry of Petroleum Resources, the minister said the reserve base offered Nigeria an opportunity to become a leading global gas supplier, particularly amid growing concerns about energy security.
He identified increased exploration of non-associated gas resources, technological advancement and local capacity development as critical to achieving the country’s gas ambitions.
Ekpo listed advanced seismic imaging, artificial intelligence, digital subsurface modelling and improved drilling techniques as technologies that could help unlock previously inaccessible resources and improve recovery from existing fields.
He also called for local content policies that promote technology transfer, innovation, local manufacturing and the development of globally competitive Nigerian companies.
Representing Sanwo-Olu, the Lagos State Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said Nigeria must continue to explore and produce petroleum resources while ensuring that the benefits extend beyond the volume of barrels discovered and produced.
He said the country’s priority should be to convert its oil and gas resources into lasting economic value through the development of industries, creation of jobs and expansion of opportunities for citizens.
According to him, the success of the petroleum industry should not be measured solely by production figures but also by its contribution to economic development and improved livelihoods.
