FG Moves To Secure Billions In Oil Investment With Sustained Incentives

The Federal Government has reaffirmed its commitment to sustaining policies and incentives designed to keep Nigeria an attractive hub for energy investments.

This assurance was delivered by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, during an inspection of the NNPC/Chevron Nigeria Limited Joint Venture Escravos Gas-to-Liquids (EGTL) facility in Delta State.

Lokpobiri noted that since the current administration assumed office, significant changes have been made to create a globally competitive investment environment.

He urged operators to expand their investments in the country, stressing that sustainable production growth depends heavily on fresh capital inflows.

The minister further advised that undeveloped oil blocks should be farmed out to capable partners instead of lying dormant for decades.

According to Ireporter Online, the minister commended the NNPC/Chevron JV for its operational excellence and disclosed that the government is considering activating the “drill or drop” provision in the Petroleum Industry Act (PIA) to encourage more aggressive resource development.

He reiterated that Nigeria’s long-term goal is to boost production capacity and remain a preferred destination for global oil and gas capital expenditure.

Chevron Nigeria Limited’s General Manager for the NNPC/Chevron Joint Venture, Mr. Segun Kuteyi, expressed optimism about the company’s future in Nigeria, highlighting significant investments already in progress.

He praised the minister’s commitment to collaboration and described his visit as a demonstration of the administration’s seriousness in strengthening industry partnerships.

Chevron’s Chairman/Managing Director, Mr. Jim Schwartz, also lauded the PIA and ongoing government support as critical factors in attracting and sustaining investment.

He affirmed the company’s long-standing role in Nigeria’s energy sector, noting that substantial resources remain available for development.

According to Ireporter Online, the minister’s visit reinforces the strategic partnership between the Federal Government and Chevron, aimed at unlocking Nigeria’s oil and gas potential, driving sustainable production, and fostering economic growth through collaborative investments.

”IREPORTER REPORTS”