The Federal Government has reaffirmed its commitment to strengthening Nigeria’s position as a top global investment destination by welcoming international partners back to its oil and gas industry with competitive incentives and collaboration.
Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, stated this on Friday in Abuja while receiving a delegation from Vaalco Energy, an American independent oil and gas exploration and development company. The firm expressed interest in re-entering Nigeria through the acquisition of Svenska’s Production Sharing Contract (PSC) interest in Oil Mining Lease (OML) 145.
Lokpobiri said President Bola Tinubu was particularly focused on creating a better environment for companies that had once operated in the country but left for various reasons to return. “We are prepared to offer incentives comparable to the best available globally. It is gratifying for us as a nation when those who have worked here become ambassadors, speaking of how friendly and conducive Nigeria is for business. We are glad to welcome you back,” he said.
He assured that Nigeria’s policies now provided clarity, fiscal stability, and investor-friendly frameworks that encouraged long-term partnerships. “Your renewed presence will help us ramp up production and achieve our national energy objectives. Together, we can build a future of shared growth and prosperity,” he said.
Vaalco Energy’s Managing Director, Pieter Van der Groen, described Nigeria as a key investment hub. He said the company was seeking regulatory guidance for acquiring Svenska’s interest in OML 145, but more importantly, aimed to return and invest strongly in the country. “As a New York Stock Exchange-listed company, we have access to funding to develop the assets we acquire. We are not here to sit on them; we are here to produce,” he said.
(NAN)