The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, threatened to withdraw oil blocks from owners that have failed to develop them.
This is against the backdrop of the Federal Government calling on international oil companies operating in Nigeria to ramp up investment in the country’s oil and gas sector, emphasising that the current administration has provided every necessary incentive to ensure seamless and profitable operations.
With the Federal Government setting a production target of 2.06 million barrels per day in 2025, Lokpobiri said the government will begin implementing the “drill or drop” provisions of the Petroleum Industry Act in line with the drive to boost oil production.
As of February 2025, oil production was reported at 1.67 million barrels per day by the Nigerian Upstream Petroleum Regulatory Commission.
A statement by the media aide to the minister, Nneamaka Okafor, on Tuesday said Senator Lokpobiri gave the warning to revoke licenses at a Cross Industry Group meeting held in Florence, Italy, organised by IOCs operating in Nigeria.
