The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has announced the Federal Government’s ambitious plan to solidify a groundbreaking deal valued at a staggering $20 billion.
This is aimed at bolstering oil and gas production within Nigeria. The announcement was made during a courtesy visit by a delegation from Schlumberger (SLB) Ltd., led by its global Chief Executive Officer, Mr. Olivier Le Peuch, held in Abuja on Thursday, News Agency of Nigeria reported.
Highlighting the dire need for substantial investments in Nigeria’s oil and gas sector, Lokpobiri regretted the recent decline in oil production due to a lack of significant investment in recent years.
However, he reassured stakeholders that the government is on the verge of attracting over $20 billion in investments, with a single company contributing a substantial $10 billion to this endeavour.
What he said
“We are talking to a lot of the big investors who have always invested big in the country.
“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,” he said.
The minister emphasized President Bola Tinubu’s steadfast commitment to unlocking the vast potential inherent in the oil and gas sector, aiming to harness the abundant resources for the nation’s prosperity.
“We’ll bring not only Schlumberger, where the pie is so big, the opportunities are so big, that not only Schlumberger can do it.
“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 said.
What to know
Lokpobiri reiterated the government’s dedication to fostering an enabling environment conducive to attracting investments and facilitating business opportunities within the country.
In extending an invitation to other international service companies, Lokpobiri highlighted the immense opportunities available within Nigeria’s oil and gas landscape.
With an assertive stance, he called upon companies to seize the opportunity to return, underlining the government’s determination to revolutionize the sector through progressive policies and practices.
Acknowledging the pivotal role Schlumberger has played in Nigeria’s oil and gas industry over the past 71 years, Lokpobiri lauded the company’s commitment and contributions. He pointed out the significance of Schlumberger’s visit as a testament to the restored confidence in Nigeria’s oil and gas sector, signaling a promising future of collaboration and growth.
Responding to Lokpobiri’s remarks, Le Peuch expressed optimism about collaborating with Nigeria to bolster oil and gas investments and enhance the sector’s performance.
Affirming Schlumberger’s dedication to strengthening its partnership with Nigeria, Le Peuch reiterated his commitment to facilitating a transformative era of investment and growth within the country.
As the nation embarks on this ambitious journey, collaboration, innovation and strategic partnerships will be paramount in driving sustainable growth and unlocking the sector’s immense potential, experts say.