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Heineken Lokpobiri, Secretary of State for Petroleum Resources, threatened to revoke permission to hibernate oil blocks.
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Lokpobiri said the government will implement the “drilling or drop” provisions under the Petroleum Industry Act to promote oil production.
Oil Resources Minister Heineken Lokpobiri threatened to revoke the license for dormant oil blocks, citing the need to strengthen oil production.
At a cross-industry group meeting in Florence, Italy, Loc Pobiri stressed that the government would implement the “drill or drop” provisions under the Petroleum Industry Act.
“We cannot continue to have assets that are idle for 20 to 30 years without development. If you don’t take advantage of assets and have been underdeveloped for decades, it will neither add value to your books nor to us as a country,” Lokpobiri said.
He urged operators to explore cooperative measures such as continuous assets, shared resources of agricultural assets, and release under-asset assets to operators prepared to invest in production investments.
The minister also called on international oil companies to increase investment in the oil and gas sector, stressing that the government provided investment-friendly fiscal policy.
Also read: ActionAid Asks Question Naira (Naira-For-For-Crude) Oil Suspension
He noted that the current government set a daily production target of 2.06 million barrels in 2025 and urged operators to support local refining efforts.
“The government plays its role by providing necessary and investment-friendly fiscal policies. The ball is now in courts of the International Olympic Committee and other operators to make strategic investment decisions that will drive the industry to improve production and sustainability,” Lokpobiri said.
FG fulfilled its commitment to legion members and started 77,000 allowance payments
Six (6) months later, the federal government of Nigeria, led by Bola Ahmed Tinubu, finally fulfilled its commitment to pay stakes for the 7,700 (N77,000) Naira to members of the Legion.
This was noted yesterday because some Legion members shared screenshots of their alerts on different social media handles to prove that payments have started as promised.
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