Nigeria’s Minister of State for Petroleum, Heineken Lokpobri, has announced a boost in the country’s oil and gas sector, attributing it to the enactment of the Petroleum Industry Act (PIA).
In a recent briefing in Abuja marking the one-year anniversary of President Tinubu’s administration, Lokpobri disclosed that the PIA had already started yielding positive results by attracting a staggering $16.6 billion in deepwater offshore investments.
Lokpobri stated that Nigeria’s pro-business policies over the past year had restored investors’ confidence, effectively removing obstacles that previously hindered investment in the sector.
He highlighted key factors contributing to this surge in investment, including engagements with major players like Shell and ENI, along with commitments from Coastal Services Solutions Limited.
The minister pointed out that improved oil production has been a hallmark achievement of President Tinubu’s administration, with production levels reaching 1.7 million barrels per day, inclusive of condensates. He attributed this increase to streamlined operations, conflict resolution among stakeholders, and efforts to revamp redundant oil assets.
Lokpobri also outlined other achievements of the ministry, such as resolving industry disputes with Independent Petroleum Producers Group (IPPG) members, addressing internal joint venture contracts feuds, and enhancing security measures to combat oil theft.
Moreover, he stated the ministry’s commitment to engaging local communities to protect critical assets, collaborating with private security firms and government agencies for pipeline surveillance, and facilitating the commencement of operations for various oil mining licenses (OMLs), including OMLs 13 and 85.
The minister emphasized that the administration’s business-friendly approach had reignited investors’ confidence in Nigeria’s oil and gas sector, leading to the return of industry service providers who had previously scaled down operations due to unfavorable conditions.
In addition to the advancements in the upstream sector, Minister Lokpobri highlighted progress in the downstream sector, particularly in ensuring smooth distribution of petroleum products across the nation, evidenced by the absence of fuel queues during the recent festive season.
Coordinating the ministerial briefing, Mr. Mohammed Idris, Minister of Information and National Orientation, reiterated the administration’s commitment to improving the lives of Nigerians through various initiatives, including those aimed at reducing the cost of living, attracting investment, and transforming infrastructure.
