Tinubu's Reforms Spark Upstream Activity in Nigeria's Oil Sector

Nigeria's upstream petroleum sector is showing signs of renewed activity under President Bola Ahmed Tinubu's administration, according to Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

Crude oil production has approached 1.8 million barrels per day, exceeding levels before May 2023, and active drilling rigs have increased from approximately 14 in 2023 to over 60.

Lokpobiri attributed the improvement to a combination of measures, including improved security, greater regulatory certainty, resolution of long-standing industry challenges, and efforts to attract fresh capital into exploration and production.