The Federal Government has reaffirmed its commitment to revitalising Nigeria’s oil and gas industry by introducing globally competitive incentives for foreign investors.
Minister of State for Petroleum Resources, Heineken Lokpobiri, announced this while receiving executives from Vaalco Energy, a U.S.-based independent oil exploration and development company, in Abuja. Vaalco is seeking regulatory clearance to acquire Svenska’s PSC stake in Oil Mining Lease (OML) 145 as part of its renewed investment interest in Nigeria.
According to Lokpobiri, the government is determined to restore investor confidence and make Nigeria a leading energy investment hub.
“The Government of President Bola Ahmed Tinubu is particularly interested in creating a better environment for companies that were once here but left for various reasons to return. We are prepared to offer incentives comparable to the best available globally,” he said.
He assured that policy reforms have created clarity, fiscal stability, and transparency to encourage sustainable partnerships and boost production.
“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,” Lokpobiri added.
Speaking on behalf of Vaalco Energy, Managing Director Pieter Van der Groen emphasised the company’s strong interest in Nigeria as a key market.
“We are here to seek regulatory guidance for acquiring Svenska’s interest in OML 145, but more importantly, to return to Nigeria and invest in a stronger way. 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.
