Mkpoikana Udoma
Port Harcourt — Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has declared an end to the practice of hoarding oil licenses without production, warning that the era of treating oil blocks as “souvenirs” is over.
Speaking at the 31st Nigerian Economic Summit in Abuja, Lokpobiri said the Petroleum Industry Act, PIA, has ushered in a new regime of accountability and performance in the upstream sector, where license holders must either develop their assets or relinquish them.
“The era of acquiring oil licenses as souvenirs is over,” Lokpobiri stated firmly.
“The PIA has made it clear, you either drill or drop. No operator will be allowed to hold valuable national assets dormant. Licenses must translate into real exploration, production, and value creation.”
He emphasized that Nigeria is committed to attracting genuine investors who are ready to contribute to the country’s energy growth, not those seeking speculative control of oil assets.
“Our message is simple: Nigeria is open for business, but we are no longer open for business as usual,” he said. “We are proactively aligning our upstream successes with midstream and downstream opportunities to unlock the full value chain.”
The Minister highlighted the government’s ongoing reforms under President Bola Ahmed Tinubu’s administration, describing them as critical steps to enhance transparency, attract capital, and build investor confidence across the energy value chain.
He also urged investors to re-engage dormant oil fields and reawaken stalled projects to boost national production capacity.
“To existing investors, this is the time to re-enter inactive wells and reignite dormant assets,” Lokpobiri noted. “We need our abundant natural resources, not just for profit, but for national progress and shared prosperity.”
Lokpobiri assured participants that the government is providing an enabling environment for business, through fiscal reforms, streamlined licensing processes, and infrastructure development.
“The PIA has provided the legal framework, and the government has provided the political will. What we need now is for investors to bring the capital, technology, and execution discipline,” he added.
The Minister reaffirmed Nigeria’s readiness to work with credible partners who share its vision for sustainable energy development and value-driven exploration.
“With our vast reserves and renewed governance framework, Nigeria remains Africa’s most attractive destination for energy investments. Those willing to work, invest, and deliver results will find the government a reliable partner.”
