Tony Elumelu Champions Industry Collaboration to Boost Nigeria’s Oil Production


Tony Elumelu, Chairman of Heirs Energies, has called for increased collaboration among industry stakeholders to boost Nigeria's oil production to 2.5 million barrels per day (BPD). Speaking at the 2025 Heirs Energies Leadership Forum in Abuja, Elumelu emphasized the need for enhanced output to achieve energy security and generate additional revenue for the nation. 

Elumelu highlighted Heirs Energies' success in increasing production from the OML 17 asset, acquired from Shell, from over 20,000 BPD to 53,000 BPD, with plans for further growth. He expressed confidence that, with combined efforts from all industry players, Nigeria could reach a production level of 2.7 million BPD. 

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, also urged operators to elevate Nigeria's oil output, aiming for 4 million BPD in the medium to long term. He noted that the country currently produces over 1.7 million BPD, with a target of 2.06 million BPD for 2025. Lokpobiri emphasized the importance of developing and executing projects to achieve these ambitious goals. 

Elumelu underscored the critical role of oil revenues in driving industrialization, enhancing energy security, and expanding infrastructure. He acknowledged the global shift towards renewable energy but stressed that Africa's immediate priority must be ensuring energy security through substantial investment in oil and gas. 

To achieve these objectives, Elumelu called for strong collaboration between international oil companies (IOCs) and indigenous firms, regulatory reforms, improved security, and an overhaul of aging infrastructure. He praised the Nigerian Upstream Petroleum Regulatory Commission's (NUPRC) "Project 1 Million Barrels of Oil Per Day" initiative as a critical step towards revitalizing the country's upstream sector and sustaining national development. 

In summary, Elumelu's advocacy for industry collaboration and strategic reforms aims to elevate Nigeria's oil production, thereby securing energy needs and fostering economic growth.

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