IOCs to Invest $20Billion in Nigeria –FG

Mr Heineken Lokpobiri
Mr Heineken Lokpobiri google

Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), recently disclosed that Nigeria's oil and gas sector has attracted approximately $16.6 billion in investments over the past year.

This announcement was made in Abuja during an update on the sector's progress since President Bola Tinubu took office on May 29, 2023.

During a meeting with the CEO of Schlumberger Limited, Olivier Le Peuch, Lokpobiri revealed plans for a forthcoming $20 billion deal aimed at enhancing oil and gas production in Nigeria.

The minister emphasized the government's efforts to create an investment-friendly environment, citing the rekindled investor confidence resulting from initiatives like the ongoing bid round and successful roadshow activities in the United States and Europe.

Under Lokpobiri's leadership, Nigeria has seen a notable increase in crude oil production, rising from approximately 1.1 million barrels per day to around 1.7 million barrels per day, including condensates. This surge in production reflects the administration's commitment to operational efficiency and stakeholder collaboration.

To further boost production, efforts have been made to revitalize dormant oil assets, resolve industry disputes, engage local communities to combat oil theft, and enhance security measures for pipeline surveillance.

Additionally, the commencement of operations at OMLs 13 and 85 signifies progress towards optimizing oil and gas asset utilization.

Looking ahead, the Federal Government is poised to finalize a significant investment deal worth over $20 billion with key industry players, signaling a renewed focus on revitalizing Nigeria's oil and gas sector.

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