Tinubu Renews Ogoni Peace Talks as Global Oil Demand Hits $540bn
President Bola Tinubu has revealed that the government is holding advanced discussions with Ogoni leaders to resolve long-standing disputes that have hindered oil production in the area.
Tinubu made this known on Wednesday while speaking at the formal commissioning of the Otakikpo Crude Oil Export Terminal in Rivers State.
The President said that the oil and gas industry will continue to play a dominant role in the world’s energy supply for decades to come, despite a global shift toward cleaner energy.
Represented by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, the President in his keynote address said new projections by the International Energy Agency have underscored the enduring relevance of oil and gas to global energy security, with the agency acknowledging that the world must commit about $540bn annually to upstream investments over the next 25 years to avert an energy crisis.
He stated that the revelation underscores the continued relevance of Nigeria’s oil reserves and justifies the Federal Government’s ongoing engagements with host communities, particularly the Ogoni people, to resume production in dormant oilfields.
He said, “Let me also use the opportunity to state that oil and gas will never go away. Recall that for the past few years, the argument has been energy transition. Some people offered us to abandon our oil and gas resources in exchange for peanuts, for handouts.
“But the game has changed. Recently, the International Energy Agency said that the world needs to spend about $540 billion per annum to avoid an energy crisis in the next 25 years. And this investment is proposed to be made in the upstream sector, the same oil and gas sector.”
Tinubu added that the renewed global investment appetite for hydrocarbons makes it imperative for Nigeria to resolve lingering issues that have stalled production in resource-rich areas like Ogoniland.
“The Federal Government is already engaging with Ogoni leaders to find a lasting solution to the challenges in the area,” he said. “Once that is achieved, the Otakikpo terminal will serve as the main evacuation point for crude produced from Ogoni. This is why this project is not just timely but strategic for Nigeria’s production growth.
The terminal, located at Ikuru Town in Andoni Local Government Area, was developed by Green Energy International Limited at a cost of over $400m.
Tinubu said the facility marks a “new chapter” for Nigeria’s upstream operations, boosting the country’s crude evacuation capacity and demonstrating the power of indigenous participation in the sector.
He described the commissioning of the export terminal as a landmark moment for Nigeria’s oil and gas industry, calling it the first indigenous-built terminal in over five decades.
“This formal commissioning of this facility presents a new chapter in Nigeria’s oil and gas industry, as earlier said, being the first one built by an indigenous company in over 50 years. And I am not surprised that Green Energy is the one taking the lead.
“So, this project is very significant because one of the bigger challenges we have in the oil and gas industry has to do with evacuation. I believe that this terminal will not only serve Green Energy, but it will serve all the operators contiguous, to this particular export terminal.
“It aligns properly with our own objectives as a government to ramp up production. It also aligns with what is contained in executive orders one that is targeted at creating a better environment for companies to operate.,” Lokpobiri said.
He noted that the project would ease crude evacuation challenges in the region, serving not only Green Energy but also other operators with contiguous fields. “It aligns with our government’s objective to ramp up production and expand existing oil infrastructure,” he added.
In a firm defence of Nigeria’s continued investment in hydrocarbons, the President dismissed calls for Africa to abandon oil exploration in the name of energy transition, insisting that global realities have changed.
Tinubu urged host communities, particularly in Rivers and the Niger Delta, to collaborate with investors and government agencies to ensure uninterrupted operations.
“If these resources remain buried underground, no one benefits, not Ogoni, not Nigeria. We must work together to unlock the enormous energy potential of our country,” he stressed.
The minister also disclosed that the Federal Government is in advanced talks with Ogoni leaders to resolve long-standing disputes over oil production in the area.
“Once the Ogoni issue is resolved, this terminal will become the major evacuation point for crude produced from Ogoni land,” Lokpobiri said. “The President is committed to ensuring that the people benefit from these resources through peace and collaboration.”
Lokpobiri also announced that Nigeria has met all its obligations to host the newly established African Energy Bank, which is expected to enhance access to financing for African oil and gas projects.
“We have discovered that one of Africa’s biggest challenges is access to finance,” he said. “That’s why we established the African Energy Bank, which will take off any moment from now. Our goal is to mobilise local capital, including pension funds, to finance strategic energy projects across the continent.”
The minister cited Senegal’s $8bn gas project funded by BP and Kosmos Energy, which is projected to yield $40bn over 25 years, as evidence of the strong returns possible in the oil and gas sector.
Commending Green Energy International for reinvesting in the domestic economy, Tinubu lauded the company for setting a standard for other indigenous operators.
“At the time marginal fields were allocated, many investors diverted funds for personal luxury. But Green Energy chose to invest in tangible assets that now create value for the industry and the country,” he said.
He also warned that marginal field operators must fulfil their minimum work obligations or risk losing their licenses.
“The oil and gas sector remains central to solving Nigeria’s economic problems,” he stated. “The federal government will continue to collaborate with all stakeholders to unlock the region’s vast potential.”
Reeling out features of the terminal, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, said the terminal, which can initially export up to 750,000 barrels of crude oil per day, expandable to three million barrels, represents the first shore-based export facility to be built in Nigeria in more than 50 years, and the first to be developed entirely by an indigenous company.
Komolafe described the project as a historic milestone that signals a new era for Nigeria’s petroleum industry.
He noted that for decades, Nigeria’s crude oil exports were handled by a few massive terminals owned and operated by international oil companies, including Bonny, Escravos, Forcados, Qua Iboe, and Brass terminals, built between the 1960s and 1970s.
“Those facilities were monumental in their time and powered Nigeria’s rise as one of the world’s leading oil exporters,” Komolafe said. “But for over half a century, no new onshore export terminal was added to that map. The Otakikpo Terminal breaks that long trend and marks a new chapter in our petroleum history.”
According to the NUPRC boss, the significance of the Otakikpo Terminal extends far beyond its capacity. The new facility will enhance Nigeria’s crude evacuation system at a time when national production is averaging between 1.7 and 1.8 million barrels per day.
He explained that by creating an alternative export hub in Rivers State, the terminal reduces dependence on ageing facilities that are near capacity and often affected by security and pipeline disruptions.
Komolafe added that the facility would particularly benefit indigenous producers, many of whom have long relied on international operators’ infrastructure at high transportation and handling costs. “With this development, local firms now have direct control over their evacuation process. It improves their margins, reduces delays, and strengthens their competitiveness,” he said.
Beyond production gains, the NUPRC chief emphasised that the terminal would serve as an economic anchor for its host communities in Ikuru Town, Andoni Local Government Area, by stimulating jobs and local businesses in logistics, security, catering, and other support services.
“Today’s commissioning is not just a ribbon-cutting event. It is a bold statement that Nigerian companies can dream big, execute with precision, and deliver world-class projects that rival those of global oil majors,” Komolafe said.
He also praised the operator of the terminal, for evolving from a marginal field operator into a full-fledged upstream company with export-ready infrastructure.
Meanwhile, the Chairman and Chief Executive Officer of Green Energy International Limited, Prof. Anthony Adegbulugbe, said the milestone was a defining moment that proves Nigerian companies can conceive, execute, and deliver world-class energy infrastructure.
“For over fifty years, Nigeria has relied on just five major onshore crude export terminals despite our vast oil reserves,” he said. “With the commissioning of the Otakikpo Terminal, that story changes. This is the first new onshore crude oil terminal in more than half a century, and the only one fully conceived, built, and operated by an indigenous exploration and production company.
According to Adegbulugbe, the terminal was designed and executed entirely by Nigerian engineers and experts. “This facility was conceived, designed, and delivered 100 per cent by Nigerian talent,” he said. “It demonstrates that indigenous operators can execute complex projects with excellence, on budget, and ahead of schedule. Completing this facility in less than two years is a bold statement of intent.”
Beyond its technical features, Adegbulugbe noted that the terminal is strategically positioned to unlock more than 40 stranded oil fields in the Niger Delta region, with combined reserves of over three billion barrels. “These fields could contribute an additional 200,000 barrels per day to Nigeria’s national production,” he said. “This terminal is the key that opens that door.”