Nigeria: Oil Sector Gets Boost as Petralon Energy Sets the Pace

The era of treating oil licenses as souvenirs is over in Nigeria, declared Heineken Lokpobiri, Minister of State for Petroleum Resources, during an inspection visit to the Oil Prospecting Lease (OPL) 54 Dawes Island.

Lokpobiri praised Petralon Energy Limited for its impressive performance, highlighting the company’s commitment to drilling and production. The minister noted that Petralon’s success is an example for other licensees to follow, emphasizing the importance of every barrel of oil produced in meeting Nigeria’s OPEC quota.

Speaking at the production site, Lokpobiri stated, “The world has changed, and it’s now about energy mix, not energy transition. Oil and gas are part of the energy mix, and Nigeria has an abundance of these resources.”

Based on a report from Business Day, the minister commended Petralon Energy for its efforts, producing 2,500 barrels of oil daily, and encouraged the company to expand its operations. He assured the company of government support, including security, to ensure the success of its operations.

Lokpobiri emphasized that the government is committed to holding operators accountable, citing the “drill or drop” provision of the Petroleum Industry Act (PIA). He urged other licensees to emulate Petralon’s example, stressing that every barrel counts in meeting Nigeria’s production targets. The minister’s visit underscores the government’s focus on boosting oil production and strengthening Nigeria’s energy security.