The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has charged oil and gas companies and other stakeholders in Nigeria’s hydrocarbon resources industry to collaborate in order to meet Organisation of Petroleum Exporting Countries (OPEC) daily production quota for the country.
The minister made the appeal during the opening ceremony of the 2025 Nigeria Oil and Gas Opportunities Fair (NOGOF) with the theme “Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development’’ held in Yenagoa, Bayelsa State.
Represented at the event by the Permanent Secretary of his ministry, Mr. Emeka Obi, the minister disclosed that in the first quarter of this year, Nigeria’s daily crude oil output stood at 1.4 million barrels per day (mbp/d), falling short of the 1.8 million mbp/d quota approved by the OPEC for the country.
Ekpo, who maintained that with Nigeria’s huge oil reserves and commitment from industry players, achieving the quota remained feasible, commended the Nigeria Content Development and Monitoring Board (NCDMB) for the event, which showcased opportunities for Nigerian companies for investments.
According to him, data in the industry now showed that the local content has risen from 5% in 2010 to 56% in 2024, which remains a remarkable achievement.
At the event, over 1,000 companies participated with most of major oil producers showcasing the opportunities for investments in the industry, including some of their exploration and production (E&P) projects.
