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Lokpobiri: FG set to seal $20bn oil, gas deal to boost sector

Lokpobiri: FG set to seal $20bn oil, gas deal to boost sector
May 24
08:57 2024

Heineken Lokpobiri, minister of state for petroleum resources (oil), says the federal government is set to seal a deal worth $20 billion to boost oil and gas production in Nigeria.

Lokpobiri spoke on May 23 in Abuja when a delegation of Schlumberger (SLB) Ltd. led by Olivier Le Peuch, global chief executive officer, paid him a courtesy visit.

The minister said no investment had taken place in Nigeria for some years, hence the downward trend in production.

According to Lokpobiri, the country was set to receive investments of over $20 billion, with one company alone accounting for $10 billion.

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“We are talking to a lot of the big investors who have always invested big in the country,” the minister.

“And I am not going to tell you the details now, because it’s something I want to announce when the deal is finally consummated.”

Lokpobiri also said the government was committed to creating an enabling environment for investors to tap into the business opportunities inherent in the country.

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He said Tinubu’s administration is focused on creating the best environment for investments to return for the benefit of Nigerians and companies that have always invested in the country.

“We’ll bring not only Schlumberger, where the pie is so big, the opportunities are so big, that not only Schlumberger can do it,” he said.

“We want to use this opportunity to call on the other international service companies to also come back; there is a new sheriff in town who is determined to do things differently.”

He further said the partnership with Schlumberger was significant, adding that the company’s visit to Nigeria was a testament to the fact that confidence was coming back to unlock the potential in the oil and gas sector.

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“As a government, we want to continue with this 71-year marriage. If you are married to a woman for 71 years, you’ve taken all the good parts of her life. So, you can’t divorce her and allow her to die,” he said.

“Our journey for the past 70 years, from 1958 when oil was found in commercial quantity in Oloibiri in the Niger Delta, SLB has played a very strategic role.

“So, our own, you know, as the government of Nigeria, is to ensure that we create the best environments, not only competitive but the best environment that you can invest in.

“I can assure you that all these things we discussed will be given the most serious attention. And we’ll do whatever we can to ensure that we create that environment.”

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On his part, Le Peuch expressed optimism in working with Nigeria to boost oil and gas investment while unlocking the performance of the oil and gas industry in the country.

Le Peuch further assured of his commitment to strengthening the partnership with Nigeria to pave the way for greater success in Nigeria.

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He said the company was ready to work with Nigeria as partners and facilitate a newborn era for oil and gas investment in the country.

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