The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has decried the frequent summons of International Oil Companies by the National Assembly over issues that seem unnecessary.
Lokpobiri said more often than not, such actions send a wrong message abroad, threaten investor confidence, and undermine Nigeria’s economic stability.
He stated this while declaring open the ongoing Nigeria Oil and Gas Conference and Exhibition tagged NOG 2025,’ in Abuja, monitored by our reporter.
The minister faulted the lawmakers for summoning oil companies over issues dating back nearly two decades, without first consulting the Ministry of Petroleum Resources for clarification and called for caution.
He stated, “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.”
He explained that when parliamentary committees in Nigeria issue summons, especially on issues like procurement, they are quickly escalated to the global headquarters of the said companies, creating reputational and regulatory concerns that may lead to capital flight or stalled investments.
The minister added, “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 summons by the Committee on Oil and Gas, but by the Committee on Procurement, over procurement issues that happened 18 years ago”.
He queried, “What is your business with an IOC over procurement matters from 18 to 20 years ago?”
Lokpobiri warned that the oil and gas industry remains Nigeria’s economic lifeline, contributing over 80 per cent of the country’s export earnings, and must be treated with strategic care.
“Nigeria still depends on this industry for survival. Whatever happens, the ministry should be contacted for clarification instead of rushing to summon IOCs,” he said.
On the country’s current crude oil production, he disclosed that Nigeria is producing about 1.745 million barrels per day, including condensates.
While emphasising that there was a need to boost production, Lokpobiri noted, “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 but to ramp up our production.
“We need to find a solution, that is the only way we will meet both domestic and international demand”, pointing out that the country needs money to do several things for the good of its citizens.
