$16.6bn worth of investment had been committed to Nigeria’s oil and gas sector since president Bola Ahmed Tinubu assumed office on May 29, 2023.
On Monday, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri announced this in Abuja while providing update on achievements in the oil sector in the past one year.
During an earlier meeting with the Chief Executive Officer, Schlumberger Limited, Olivier Le Peuch, Lokpobiri revealed that the Federal Government would soon seal a $20bn deal to boost oil and gas production in Nigeria.
Speaking on what was being done to attract investments, the minister said, “One of our main objective has been to create an environment where investments can thrive. For over a decade, the non-passage of the Petroleum Industry Act and inconsistent policies had driven investments away.
“Today, I am pleased to announce that our efforts have rekindled investor confidence in the sector. Notable examples include investments committed to the tune of $5bn and $10bn in deepwater offshore assets; and $1.6bn investment commitment in oil and gas asset acquisition.
“The very high global interest is noted in the ongoing bid round of assets coming online, arising from the recent roadshow activities in the United States and Europe.”
Lokpobiri also pointed out that Nigeria witnessed increased crude oil production since Tinubu assumed office. Our foremost achievement is the significant increase in production. When we took office, production was at approximately 1.1 million barrels per day, including condensates.
“Today, I am proud to report that we have increased our production to approximately 1.7 million barrels per day (inclusive of condensate). This increase is a testament to our relentless efforts to streamline operations and resolve conflict among stakeholders,” the oil minister stated.
Lokpobiri added that there was continuous engagements with international oil companies and Independent Petroleum Producers Group members in resolving industry disputes towards increasing production.
Resolutions of internal joint venture contracts feud between joint venture partners on critical production fields. Engaging local communities with critical assets running through them to protect the assets, all in a bid to decrease oil theft across the country.
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