Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), has disclosed that Nigeria’s oil and gas sector has seen substantial investments totaling $16.6 billion over the past year. Lokpobiri attributed this achievement to the favorable environment fostered by the current administration under President Bola Tinubu, who took office on May 29, 2023.
Speaking in Abuja, Lokpobiri emphasized the administration’s role in creating an enabling atmosphere, which has attracted significant investments. He further revealed that an additional $20 billion investment is anticipated in the Nigerian petroleum industry. This announcement was made during a meeting with Olivier Le Peuch, the CEO of Schlumberger Global, and his delegation in Abuja.
During the briefing, Lokpobiri highlighted the detrimental effects of the prolonged absence of the Petroleum Industry Act and inconsistent policies, which had previously deterred investments. However, he expressed satisfaction that recent efforts have reignited investor confidence in the sector. Notable investments include commitments of $5 billion and $10 billion in deepwater offshore assets, as well as a $1.6 billion investment commitment in oil and gas asset acquisition. The minister also acknowledged the substantial global interest evident in the ongoing bid round of assets, following successful roadshow activities in the United States and Europe.
Lokpobiri also emphasized the notable increase in crude oil production since President Tinubu assumed office. He stated that production, including condensates, has risen significantly from approximately 1.1 million barrels per day at the beginning of their tenure.