Mkpoikana Udoma
Abuja — Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has issued a strong rebuke to the National Assembly over what he described as “frivolous and unnecessary” frequent summons of International Oil Companies, IOCs, warning that such actions could threaten investor confidence and undermine Nigeria’s economic stability.
Speaking at the ongoing Nigeria Oil and Gas Conference and Exhibition, NOG2025, in Abuja, Lokpobiri criticized lawmakers for summoning oil firms over issues dating back nearly two decades, without first consulting the Ministry of Petroleum Resources for clarification.
“I was a senator 18 years ago. I was the youngest senator during my time and served on several committees, including upstream and downstream. We knew the consequences of some of these actions,” the minister stated.
He explained that when Nigerian parliamentary committees issue summons, particularly on issues like procurement, they are quickly escalated to the global headquarters of the affected companies, creating reputational and regulatory concerns that may lead to capital flight or stalled investments.
“These summons resonate in their global headquarters. In those countries, they also have parliaments, and they understand the weight of such actions. It is not even a summon by the Committee on oil and gas, but by the Committee on Procurement, over procurement issues that happened 18 years ago. What is your business with an IOC over procurement matters from 18 to 20 years ago?”
He warned that the oil and gas industry remains Nigeria’s economic lifeline, contributing over 80 percent of the country’s export earnings, and must be treated with strategic care.
“Nigeria still depends on this industry for survival,” he emphasized. “Whatever happens, the ministry should be contacted for clarification instead of rushing to summon IOCs.”
Lokpobiri also addressed the country’s current crude oil production, disclosing that Nigeria is producing about 1.745 million barrels per day, with a significant portion coming from condensates. He stressed the need for urgent action to boost output.
“The question is, what is the solution to ramp up production? We still want to be strategic and important members of the global energy community, but we have no choice than to ramp up our production. We need to find a solution, that is the only way we will meet both domestic and international demand.”
