Oil and Gas: Nigerian Government Restates Commitment to Favorable Investment Environment
By Chika Eze, Abuja
The Minister of State, Petroleum Resources (Oil) in Nigeria, Sen. Heineken Lokpobiri has restated the commitment of the Nigerian Government to create an enabling environment that would attract more investments to the oil and gas sector of the Nigerian economy.
Lokpobiri stated this in his address to a delegation from Schlumberger (SLB) Ltd. led by its global Chief Executive Officer, Mr. Olivier Le Peuch, who paid him a courtesy visit in his office in Abuja on Thursday, 23rd May, 2024.
He remarked that one of the cardinal objectives of President Bola Ahmed Tinubu was to unlock the potentials in the oil and gas sector so that we would be able to harness the benefits of huge deposits that we have.
“I want to assure you that this new government that is led by a man who is a tested business man is willing to do things differently, and we the foot soldiers can’t do anything less”,he added.
The Minister also assured the entire world that the Federal Government was focusing on creating the best environment for investment to return for the benefit of Nigerians and for the benefits of those companies that have always invested in Nigeria.
He also emphasized that, “We know in Nigeria that the quickest way out of our economic problems is through the oil and gas sector. Our objective is to see how we can work with you to grow investment in the sector, increase production so that we can get more revenue to cater for the 230 million Nigerians that are in dire need of basic infrastructures.”
He noted that SLB had a long standing history with Nigeria.
“You have been in Nigeria for 71 years. If you have been in an environment for 71 years, there is no way you wouldn’t have made significant impact in that environment. The story of Nigeria’s oil and gas industry can’t be complete without SLB. SLB has played a very strategic role thus far. 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,” the Minister noted.
He further assured of government’s commitment to strengthening its relationship with Schlumberger that has lasted for the past 71 years.
“When I became Minister, one of the first issues that I had to contend with was how we could rebuild the confidence of the world that Nigeria is ready for investment. I believe that your visit to Nigeria today is a testament to the fact that the confidence is coming back,” he stated.
He noted that as a Minister for the past nine months, he has had the privilege of engaging leaders of the industry – the International Oil Companies (IOCs) and the Independent Producers.
“I am very happy that you took time to visit Nigeria. This is a good message to the world that we as a Ministry that is in charge of policies are creating the enabling environment for investment to return, and it’s already gaining the momentum that is desired.”
He called on the other international service companies to return their investment to the country.
“There is a new sheriff in town that is determined to do things differently”, he added.
In his remarks, the global Chief Executive Officer of Schlumberger, Mr. Olivier Le Peuch, thanked the Minister and the government for the policies in the oil and gas industry.
He gave the assurance that they were ready to work and partner with the government.
“We are ready to contribute to the change that you are willing to put in place to facilitate investment in the oil and gas sector”, he said
On his part, the President, Offshore Atlantic, Mr. Wallace Pescarini, said, they were in Nigeria to assist and partner in the development of the oil and gas sector.
He assured that they were committed to growing capacity with local content of Nigerian nationals.
