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Nigeria’s Minister of State for Petroleum Resources, Heineken Lokpobiri, has been confirmed as a featured speaker at African Energy Week (AEW) 2026, where he is expected to outline Nigeria’s accelerating upstream transformation and its growing position as one of Africa’s most attractive oil and gas investment destinations.
Nigeria’s energy sector has experienced one of its strongest investment cycles in a decade, driven by reforms under the Petroleum Industry Act (PIA), improved fiscal incentives, and renewed confidence from both international oil companies (IOCs) and indigenous operators.
In 2025, the country approved 28 new Field Development Plans worth $18.2 billion, unlocking an estimated 1.4 billion barrels of crude oil reserves. This represents a decisive shift toward faster project execution and a reversal of years-long delays in upstream development.
Lokpobiri attributes this progress to streamlined licensing processes and investment-friendly fiscal policies.
Speaking in Abuja earlier this year, he noted that Nigeria secured four of seven major Final Investment Decisions in Africa between 2024 and 2025, underscoring the country’s status as a top upstream investment hub.
A key pillar of Nigeria’s resurgence is Shell’s $5 billion investment in the Bonga North deepwater project, a subsea tie-back expected to add more than 300 million barrels of recoverable resources.
Similarly, ExxonMobil plans to invest up to $1.5 billion in the Usan deepwater field through 2027, focusing on new drilling and infrastructure upgrades.
Indigenous operators are also central to growth, with Heirs Energies targeting 100,000 barrels per day in the Niger Delta and Seplat Energy optimising its onshore portfolio following the ExxonMobil acquisition.
Lokpobiri is expected to discuss Nigeria’s broader energy transition framework, balancing oil production growth with gas monetisation, domestic refining expansion, and increased local content participation.
“Nigeria is once again proving what is possible when policy meets execution,” said NJ Ayuk, Executive Chairman of the African Energy Chamber.
AEW 2026 will provide a platform for policymakers and investors to witness Nigeria’s upstream resurgence and its commitment to sustainable growth.
