Lokpobiri: FG will keep offering incentives to ensure Nigeria remains attractive to investors

Heineken Lokpobiri, minister of state for petroleum resources (oil), says the country aims to offer incentives that will ensure Nigeria remains attractive to investors in the industry.

According to a post on Thursday, Lokpobiri spoke after inspecting the Nigerian National Petroleum Company (NNPC) Limited/Chevron joint venture (JV) Escravos gas-to-liquids facility in Delta state.

The minister expressed belief that there is “a lot more we can do with Chevron”.

“My duty as minister is to encourage you to look, continue to expand your investments, for the benefit of both your company and Nigeria,” he said.

“But as a country, our objective is to see how we can increase production. Our objective is to provide incentives to the industry so that you can continue to find Nigeria attractive.

“I know Chevron is our most reliable partner and we are committed to deepening that relationship with Chevron.”

Lokpobiri urged the company to develop more oil fields.

“The ones that you feel that you can’t develop or you have no plans, it is also good for you to farm out,” he said.

“So that instead of keeping blocks for the next 20, 30 years, it’s better to farm out so that some other persons who also have access to capital can come develop those ones and also add to the balance that we want to produce as a country.”

The minister also commended Chevron for consistency.

“Since you started operations several decades ago, we are very happy that since we came, things have changed from a negative narrative to a positive narrative,” Lokpobiri said.

He added that the government’s obligation is to provide the best environment “that will seemingly be globally competitive”.