Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said that Nigeria has met production quota of the Organization of Petroleum Exporting Countries (OPEC).
He disclosed this at the 41st Organization of Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting (ONOMM), the 66th Joint Ministerial Monitoring Committee (JMMC) Meeting of OPEC, and the 193rd Meeting of the OPEC Conference, on Sunday
He said: ”For Nigeria, it is particularly noteworthy that we have consistently maintained production within our OPEC quota while simultaneously strengthening our capacity to produce more. This balanced approach positions us to respond effectively to future opportunities while safeguarding the best economic interests of our people and supporting national development objectives.
“During these engagements, we reaffirmed the overall crude oil production levels for OPEC and non-OPEC Participating Countries under the Declaration of Cooperation (DoC), as agreed at the 38th OPEC and non-OPEC Ministerial Meeting, with the framework remaining in place until 31 December 2026.
“We also noted the importance of completing the Maximum Sustainable Capacity (MSC) assessment for all DoC countries, which will serve as the reference point for determining production baselines from 2027. These deliberations reflect our shared commitment to ensuring market stability, transparency, and long-term sustainability within the global energy sector.
Meanwhile, the Minister met with ENI’s management team for a briefing on Zabazaba and Bonga Southwest projects as the company prepares for Final Investment Decisions.
The projects, valued at about $20 billion, are expected to add 150,000 barrels per day to Nigeria’s current production capacity, significantly boosting nation’s oil output.
Lokpobiri explained that the meeting focused on the key milestones required to achieve the FIDs and explored opportunities for collaboration with local and international partners to advance the projects .