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Heineken Lokpobiri, minister of state for petroleum resources (oil), says the newly signed memorandum of understanding (MoU) between Nigeria and Saudi Arabia on energy cooperation will facilitate technology exchange.

The federal government, represented by Lokpobiri and Saudi Arabia, represented by Abdulaziz bin Salman, the kingdom’s energy minister, had signed the MoU in Riyadh. 

In a statement on Thursday by Nneamaka Okafor, the minister’s special assistant, media and communication, Lokpobiri said the MoU signifies a significant stride towards fortifying bilateral ties and advancing mutual interests.

According to the minister, the MoU is a testament to the shared commitment to fostering cooperation and is aimed at facilitating technological exchange.

“One of the primary benefits anticipated from this landmark agreement is the facilitation of technological exchange,” he said.

“With Saudi Arabia boasting advanced technologies in oil and gas exploration and production, Nigeria stands to gain significantly from this knowledge transfer.

“The exchange of technical expertise is poised to elevate the efficiency and effectiveness of Nigeria’s energy operations, ultimately contributing to increased production levels and global competitiveness.”

According to the statement, the MoU is expected to attract substantial foreign direct investment into Nigeria’s oil and gas sector.

Meanwhile, in a statement shared via his handle on X, formerly Twitter, Lokpobiri said the country entered into the MoU with an objective “to set a framework of co-operation between us and with the aim of promoting collaboration and strengthening our partnership in the oil and gas sector for mutual benefits”.

For the purpose of co-operation in our oil and gas sector, we are intensifying our friendly ties with the Kingdom of Saudi Arabia based on the principle of equality and mutual benefits.

We have therefore, entered into a Memorandum of Understanding (MoU) with an objective to set… pic.twitter.com/D39LBwewwe

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— SEN. HEINEKEN LOKPOBIRI Ph.D. (@senlokpobiri) November 9, 2023

“From this, we can anticipate enhanced technological exchange, investment inflow and a strengthened strategic partnership, paving the way for sustainable growth and prosperity in our energy landscape,” he said. 

Also commenting on his meeting with Salman, Lokpobiri said the discussion focused on “our nations’ production quota” and a strategic alliance to shape the trajectory of “our energy sector”.

With the future of Nigeria's energy landscape at the center stage, I met with the Chairman of OPEC Joint Ministerial Monitoring Committee (JMMC) and Energy Minister of the Kingdom of Saudi Arabia, H.E. Prince Abdulaziz bin Salman Al Saud, at the Kingdom's capital city Riyadh, and… pic.twitter.com/tShiuW8Gwx

— SEN. HEINEKEN LOKPOBIRI Ph.D. (@senlokpobiri) November 9, 2023

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“It was reassuring to witness the Kingdom’s unwavering support towards our shared goals in the energy sector as we delved into strategic measures to enhance collaboration, ensuring that our production aligns seamlessly with global demands,” he said.

The collaborative spirit, he said, fosters optimism for the future, as both nations work hand in hand with OPEC partners to navigate the dynamic challenges of the global energy arena.

He said the issues include meeting and even exceeding the country’s production targets for a sustained and thriving energy landscape.