The Federal Government has said the recent divestments by International Oil Companies have added about 200,000 barrels per day to Nigeria’s crude production, making efforts to stabilise the sector.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made this known in Cape Town, South Africa, while delivering a keynote address on behalf of President Bola Tinubu at the Africa Energy Week.

Lokpobiri, in a statement issued by his special assistant on Media and Communication, Nneamaka Okafor, on Thursday, October 2, 2025, emphasised  that the Tinubu administration was committed to building a transparent, stable and investor-friendly petroleum sector to attract long-term capital.

Over the past three years, major IOCs such as Shell, ExxonMobil, and Chevron have been offloading their onshore and shallow-water assets as part of a global strategy to focus on deepwater operations.

Their exits have paved the way for indigenous firms like Seplat Energy, Oando, and Heirs Holdings to acquire significant stakes, boosting local participation and expanding Nigeria’s production base.

The Minister declared that Nigeria is open for business and actively pursuing policies that prioritise investment, efficiency, and long-term growth in the oil sector.

Lokpobiri outlined the bold policy measures implemented under Tinubu’s administration, particularly the Petroleum Industry Act, which provides a clear and predictable fiscal and regulatory environment for investors.