“The mandate from His Excellency, President Bola Ahmed Tinubu, to the new NNPC Ltd Board to review all existing operatorship arrangements is not just an administrative exercise it is a clear signal,” everything oil minister said at NOG Energy Week 2025
The Nigerian government on Tuesday hinted at possible mass revocation of unproductive oil blocks, declaring to oil companies to either step up or step aside.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri Ph.D., who declared this at the NOG Energy Week 2025, maintained that the Nigerian National Petroleum Company Limited (NNPC) now has the go-ahead from President Bola Tinubu to begin the re-evaluation of existing partnerships in the oil and gas sector.
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He said; “It is no longer acceptable for critical national resources to remain in the hands of companies that lack the technical or financial capacity to optimize them or worse, those who use such licenses merely as a lever to access scarce capital, only to divert it to unrelated ventures. Our oil and gas industry has witnessed far too many cautionary tales of this nature, and we must now draw a clear line.
“Let’s be clear: Joint Ventures and Financial/Technical Services Agreements (FTSAs) are not weapons to hold the sector hostage. They are frameworks built on trust that you will act in the nation’s best interest. If you cannot, it’s time to step aside or step up through partnership.
“In this regard, the Federal Government is prepared to re-evaluate existing partnerships in the oil and gas sector in order to ensure that they align with our strategic national objectives for resource development and economic value creation.
“The mandate from His Excellency, President Bola Ahmed Tinubu, to the new NNPC Ltd Board to review all existing operatorship arrangements is not just an administrative exercise it is a clear signal. Operators must wake up to the responsibility they hold. The era of dormant fields and underperforming assets must give way to action. Unlock dormant and untapped assets. Re-enter shut-in wells. Convert dormant licenses into measurable output.
“It is worth noting, as a matter of strategic concern, that one company’s production volumes before the enactment of the Petroleum Industry Act (PIA) were higher than what we are all currently delivering today even with the full benefit of the incentives and business-friendly policies embedded not just in the PIA but, even with the presidential directives. So, this cannot be a Governance problem. I want to put it to you, the operators, what happened? How did we get here? And more importantly, what are we going to do differently?
“Distinguished ladies and gentlemen, we must confront a reality that cannot be ignored. Last year, we stood here and spoke passionately about increasing production. Yet today, we find ourselves asking: what has truly changed? What tangible difference has been made?
“The Federal Government has implemented far-reaching reforms, executive orders, fiscal incentives, streamlined regulatory processes to make the work of operators easier and investment more attractive. But the question remains: where is the output?
We cannot continue this way. If we are serious about ramping up production and reclaiming Nigeria’s rightful place among leading oil producers, then every operator must show cause – by performance, not promises.
“We are not just chasing barrels. We are building an economy. One that reflects the aspirations of Nigerians, the commitment of this administration, and the immense potential of our resources.
“The government has done a lot, and is willing to do more, but the results must now speak for themselves. The responsibility is collective, but the obligation to deliver rests first with those holding the assets.”
Meanwhile, Platforms Africa presents Lokpobiri’s full speech for the record.
SPEECH BY THE MINISTER OF STATE FOR PETROLEUM RESOURCES (OIL), SEN. HEINEKEN LOKPOBIRI, Ph.D., AT THE NIGERIAN OIL AND GAS CONFERENCE 2025.
PROTOCOLS
The President of the Federal Republic of Nigeria, ably represented…
Honourable Ministers and Members of the Federal Executive Council,
My Colleague and Brother, the Honourable Minister of State, Petroleum Resources (Gas),
My colleague ministers from other parts of the world
Permanent Secretaries,
Captains of Industry,
Heads of Regulatory Agencies,
Members of the Diplomatic Corps,
Distinguished Ladies and Gentlemen,
Good morning.
It is both an honour and a privilege to welcome you all to this year’s Nigerian Oil and Gas Conference 2025.
Every year, the NOG week gives us a mirror, a chance to reflect on where we are, a compass to define where we want to go, and a map to strategize how to get there. This year, with the theme “Accelerating Energy Progress Through Investment, Global Partnerships and Innovation,” we are compelled to do more than just talk. We are compelled to act boldly, and collaboratively.
In my usual style, I would not like to bore you, so let me go straight to the message I have for you today.
ACCELERATING PROGRESS – THE ROAD AHEAD
In our ongoing drive to boost national oil production, the Federal Government remains resolute in ensuring that maximum value is derived from upstream assets currently held by operators. This objective has taken on greater urgency as global financing for oil and gas projects continues to tighten, making it increasingly difficult for all operators to secure the capital needed to develop these assets.
It is no longer acceptable for critical national resources to remain in the hands of companies that lack the technical or financial capacity to optimize them or worse, those who use such licenses merely as a lever to access scarce capital, only to divert it to unrelated ventures. Our oil and gas industry has witnessed far too many cautionary tales of this nature, and we must now draw a clear line.
Let’s be clear: Joint Ventures and Financial/Technical Services Agreements (FTSAs) are not weapons to hold the sector hostage. They are frameworks built on trust that you will act in the nation’s best interest. If you cannot, it’s time to step aside or step up through partnership.
In this regard, the Federal Government is prepared to re-evaluate existing partnerships in the oil and gas sector in order to ensure that they align with our strategic national objectives for resource development and economic value creation. The mandate from His Excellency, President Bola Ahmed Tinubu, to the new NNPC Ltd Board to review all existing operatorship arrangements is not just an administrative exercise it is a clear signal. Operators must wake up to the responsibility they hold. The era of dormant fields and underperforming assets must give way to action. Unlock dormant and untapped assets. Re-enter shut-in wells. Convert dormant licenses into measurable output.
It is worth noting, as a matter of strategic concern, that one company’s production volumes before the enactment of the Petroleum Industry Act (PIA) were higher than what we are all currently delivering today even with the full benefit of the incentives and business-friendly policies embedded not just in the PIA but, even with the presidential directives. So, this cannot be a Governance problem. I want to put it to you, the operators, what happened? How did we get here? And more importantly, what are we going to do differently?
Distinguished ladies and gentlemen, we must confront a reality that cannot be ignored. Last year, we stood here and spoke passionately about increasing production. Yet today, we find ourselves asking: what has truly changed? What tangible difference has been made?
The Federal Government has implemented far-reaching reforms, executive orders, fiscal incentives, streamlined regulatory processes to make the work of operators easier and investment more attractive. But the question remains: where is the output?
We cannot continue this way. If we are serious about ramping up production and reclaiming Nigeria’s rightful place among leading oil producers, then every operator must show cause – by performance, not promises.
We are not just chasing barrels. We are building an economy. One that reflects the aspirations of Nigerians, the commitment of this administration, and the immense potential of our resources.
The government has done a lot, and is willing to do more, but the results must now speak for themselves. The responsibility is collective, but the obligation to deliver rests first with those holding the assets.
A WORD TO EPC COMPANIES
We acknowledge that, in the past, the Local Content Act was sometimes misapplied. However, with the advent of President Bola Ahmed Tinubu, we are returning to the true tenets of the Act one that allows companies, both large and small, to coexist and operate side-by-side. The era of briefcase contractors winning jobs only to sublet them to technically capable firms is coming to an end.
So don’t just exhibit make plans to return and reinvest in Nigeria.
THE POWER OF PARTNERSHIPS
We cannot make progress in isolation. The world is too interconnected, and the energy value chain is too integrated.
We therefore see global partnerships as a central pillar in our national energy strategy. Whether in joint ventures, technology alliances, financing consortia, or regional trade blocs we welcome partners who understand the Nigerian context, and are committed to mutual value creation.
We are also deepening our cooperation with international bodies including APPO, IEC, and OPEC because we believe that Nigeria’s growth must catalyze Africa’s prosperity. We will continue to play a leading role in shaping Africa’s position in global energy diplomacy.
AFRICAN ENERGY BANK
I cannot conclude this address without speaking about the African Energy Bank. We are firmly on course and steadily
approaching our official launch. As with any institution of this magnitude, it is critical that we take the time to cross our T’s and dot our I’s.
Advertisements for the position of Bank President have been published, and the application window has closed.
Nigeria, as host country, has fulfilled all its legal and ancillary obligations. I am also aware that APPO and indeed Afreximbank, the co-originator of this visionary Initiative is working assiduously to convene not only the first shareholders’ meeting, which will signal the formal commencement of the Bank, but also to get its operations fully underway.
Africa is not asleep. We are determined to take our place in the global energy financing space not only to ensure that our resources yield maximum benefit for our people, but also to serve as a catalyst for energy security. We will not let you down.
CONCLUSION
Distinguished ladies and gentlemen,
As I formally declare the 2025 edition of the Nigerian Oil and Gas week open, let me remind us all: this is not just a conference. It is a call to action. A call to move from rhetoric to results.
We have the resources. We have the talent. And now, we are building the right environment.
Let us move forward with renewed confidence, clear strategy, and an unwavering commitment to national development. Let us accelerate progress not for ourselves alone, but for the millions of Nigerians whose lives depend on the value we create in this industry.
I look forward to the rich conversations, partnerships, and solutions that will emerge from this gathering. May they lead to action that outlives this room and shapes the future of our great nation.
Thank you, and God bless the Federal Republic of Nigeria.
Senator Heineken Lokpobiri Ph.D.
Honourable Minister of State for Petroleum Resources (Oil)
Platforms Africa
