By Atoyebi Nike
Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has issued a tough ultimatum to oil companies holding undeveloped oil fields, warning that the government will no longer allow critical assets to sit idle.
Speaking at the opening of the 24th Nigerian Oil and Gas (NOG) Energy Week in Abuja, Lokpobiri said firms without the technical or financial capacity to optimize assets should either perform or step aside.
“The era of using oil field licenses as collateral while doing nothing with them is over,” the minister said, addressing stakeholders from across the global energy sector. “This administration will not tolerate companies holding national assets hostage.”
Under the directive of President Bola Ahmed Tinubu, the minister revealed that the NNPC Ltd Board has been tasked with reviewing all existing operatorship arrangements. The aim is to clean up inefficiencies and ensure oil fields contribute to national production goals.
Lokpobiri criticized the sector’s stagnant output despite reforms under the Petroleum Industry Act (PIA), saying Nigeria now produces less crude than it did before the PIA—despite better regulatory conditions.
“This isn’t a governance problem,” he declared. “The results must now speak louder than the promises.”
He urged oil companies to demonstrate tangible performance, not intentions, stressing that increased production is essential to revitalizing the Nigerian economy.
Addressing Engineering, Procurement, and Construction (EPC) firms, the minister announced a renewed enforcement of the Local Content Act, warning against contractors who win bids only to outsource them to competent firms.
“We’re ending the era of ‘briefcase contractors,’” Lokpobiri said. “Going forward, real value must be created locally.”
He called on EPC firms to deepen their presence in Nigeria and reinvest beyond token participation at conferences.
Lokpobiri also reaffirmed Nigeria’s commitment to global energy cooperation, citing ongoing collaborations with OPEC, APPO, and the International Energy Charter (IEC). He emphasized that Nigeria’s growth must fuel Africa’s prosperity.
An update on the African Energy Bank, a flagship continental energy financing initiative was also provided. Lokpobiri confirmed that Nigeria has fulfilled its obligations as host and that the appointment of the bank’s leadership is underway.
“We are on track for a successful launch. Africa is ready to lead in energy finance,” he said.
Declaring the NOG 2025 conference open, Lokpobiri challenged participants to move from policy talk to decisive action.
“This isn’t just another summit, it’s a rallying point. We have the resources, the talent, and now the commitment. Let’s build an industry that works for every Nigerian,” he concluded.
This year’s NOG theme “Accelerating Energy Progress Through Investment, Global Partnerships and Innovation” reflects the government’s drive to reposition Nigeria as a top-tier global energy player through bold reforms and strategic alliances.
