{"id":117040,"date":"2025-04-02T20:32:18","date_gmt":"2025-04-02T19:32:18","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117040"},"modified":"2025-04-02T20:32:18","modified_gmt":"2025-04-02T19:32:18","slug":"use-or-lose-it-fg-gives-oil-block-owners-ultimatum","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/use-or-lose-it-fg-gives-oil-block-owners-ultimatum\/","title":{"rendered":"Use or lose it, FG Gives Oil Block Owners Ultimatum"},"content":{"rendered":"<div id=\"m#msg-f:1828297327089511127\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">By Lizzy Chirkpi<\/div>\n<div id=\"m#msg-f:1828297327089511127-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div><\/div>\n<div>In what is seen as a move to boost the nation&#8217;s oil production and achieve its 2.06 million barrels per day target by 2025, the Federal Government is set to enforce the &#8220;drill or drop&#8221; provisions of the Petroleum Industry Act (PIA).<\/div>\n<div><\/div>\n<div>The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, issued this directive on Tuesday, highlighting the government&#8217;s resolve to eliminate the long-term underutilization of oil assets.<\/div>\n<div><\/div>\n<div>Speaking at a Cross Industry Group meeting in Florence, Italy, organized by International Oil Companies (IOCs) operating in Nigeria, Lokpobiri pointed out that many oil blocks have remained dormant for decades, adding no value to either the owners or the nation. He stated, &#8220;If you&#8217;re not developing them, we will relocate them to those willing to invest.&#8221;<\/div>\n<div><\/div>\n<div><\/div>\n<div>This action comes amidst Nigeria&#8217;s current production of 1.67 million barrels per day, as recorded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in February 2025. Lokpobiri also urged operators to consider farm-out agreements and shared resources for contiguous assets to maximize production and reduce costs. He reassured IOCs of President Bola Ahmed Tinubu&#8217;s administration&#8217;s commitment to providing necessary incentives to boost investment in Nigeria&#8217;s oil and gas sector.<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div>&#8220;We cannot continue to have assets sitting idle for 20 to 30 years. If you&#8217;re not developing them, we will relocate them to those willing to invest,&#8221; he warned.<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div>He urged operators to consider farm-out agreements and shared resources for contiguous assets to maximize production and reduce costs.<\/div>\n<div><\/div>\n<div>Lokpobiri also called on IOCs to increase investment in Nigeria&#8217;s oil and gas sector, assuring them that President Bola Tinubu&#8217;s administration has provided all necessary incentives for smooth and profitable operation<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Lizzy Chirkpi In what is seen as a move to boost the nation&#8217;s oil production and achieve its 2.06 million barrels per day target by 2025, the Federal Government&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":79045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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